On the surface it looks like a poor result (China retail and wholesale), but Mr. Market seems to have a different opinion - stock price +2.5% as I type.

Some excerpts from the segments results:

Revenue:
Taobao and Tmall Group -1% (sigh)
Cloud Intelligence Group +6% (positive surprise)
Alibaba International Digital Commerce Group +32% (good)
Cainiao Smart Logistics Network Limited +16% (good)
.
Consolidated revenue +4%

EBITA
Taobao and Tmall Group -1%
Cloud Intelligence Group +155%
Alibaba International Digital Commerce Group -782%*
Cainiao Smart Logistics Network Limited -30%
.
Consolidated adjusted EBITA -1%
Less: Non-cash share-based compensation expense, Amortization and impairment of intangible
assets, Impairment of goodwill, Provision for the shareholder class action)
Income from Operations -15%

* "due to the increase in investments in AliExpress and Trendyol’s
cross-border businesses, partly offset by Lazada’s significant reduction in operating loss from
improvements in its monetization and operating efficiency"

https://data.alibabagroup.com/ecms-files/153229552...

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