Alibaba reports slowest growth yet amid COVID-19 outbreaks – WTOP

HONG KONG (AP) — Alibaba Group Holding Ltd. on Thursday reported a single-digit increase in its fourth-quarter revenue, its slowest quarter yet as its online services and e-commerce businesses took a hit amid COVID-19 lockdowns across China.

Revenue increased 9% to 204.05 billion yuan ($30.3 billion) in the three months ended March, as its core e-commerce platforms Taobao and Tmall suffered from disruptions in supply chain and logistics and a dip in demand due to COVID-19 outbreaks in March, the company said.

The single-digit increase in revenue paled in comparison to the 64% increase in revenue growth during the same quarter last year.

But Alibaba’s sales growth still exceeded analyst estimates, and its New York-listed shares were up more than 9% in early trading.

Executives said that Alibaba reached 1.31 billion annual active consumers on its platforms over the fiscal year, with over 1 billion Chinese users for the first time.

The company reported a net loss attributable to…

Read Full Story: https://wtop.com/asia/2022/05/alibaba-reports-slowest-growth-yet-amid-covid-19-outbreaks/

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source: https://news.oneseocompany.com/2022/05/26/alibaba-reports-slowest-growth-yet-amid-covid-19-outbreaks-wtop_2022052620616.html

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