Alibaba Q4 results: Profit declines by 86%, beats revenue estimates

China’s Alibaba Group Holding beat analysts’ estimates for fourth-quarter revenue on Tuesday, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales.

Its U.S.-listed shares, however, fell around 3% in premarket trading, as profit fell about 86% in the fourth quarter.

The company has had a tumultuous year since announcing the biggest shake-up in its 25-year history in March last year, splitting into six units and refocusing on its core businesses, including domestic e-commerce.