NEW DELHI: Chinese e-commerce giant Alibaba Group Holding Ltd posted a smaller-than-expected rise in quarterly revenue on Thursday as Covid-19 curbs and a worsening economic outlook stifled consumer spending.
Retail spending in China has sagged this year with consumers frustrated by the government’s strict zero-Covid policies that have led to frequent snap lockdowns and hurt economic activity.
Alibaba has also had to contend with stiff competition from the likes of Pinduoduo and ByteDance’s Douyin – the Chinese version of Tiktok – which have expanded their e-commerce offerings and taken more market share.
The company has also yet to fully recover from a regulatory crackdown on the tech sector that has curtailed growth opportunities.
Revenue grew 3% to 207.18 billion yuan ($28.96 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate of 208.62 billion yuan drawn from 25 analysts.
Alibaba, which runs China’s largest online marketplaces Tmall and Taobao and owns a wide range of businesses from logistics to cloud services, reported net loss attributable to shareholders of 20.56 billion yuan in the quarter.
Excluding one-off items, Alibaba earned 12.92 yuan per American Depository Share.
Retail spending in China has sagged this year with consumers frustrated by the government’s strict zero-Covid policies that have led to frequent snap lockdowns and hurt economic activity.
Alibaba has also had to contend with stiff competition from the likes of Pinduoduo and ByteDance’s Douyin – the Chinese version of Tiktok – which have expanded their e-commerce offerings and taken more market share.
The company has also yet to fully recover from a regulatory crackdown on the tech sector that has curtailed growth opportunities.
Revenue grew 3% to 207.18 billion yuan ($28.96 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate of 208.62 billion yuan drawn from 25 analysts.
Alibaba, which runs China’s largest online marketplaces Tmall and Taobao and owns a wide range of businesses from logistics to cloud services, reported net loss attributable to shareholders of 20.56 billion yuan in the quarter.
Excluding one-off items, Alibaba earned 12.92 yuan per American Depository Share.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
