Alibaba sales growth slows amid covid in China – Northwest Arkansas Democrat-Gazette

HONG KONG — 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 $30.3 billion in the three months that ended March, as its core e-commerce platforms Taobao and Tmall suffered from disruptions in supply chain and logistics and a dip in demand because of 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.

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 shareholders of $2.4 billion, more than triple the same time last year, driven primarily by…

Read Full Story: https://www.nwaonline.com/news/2022/may/27/alibaba-sales-growth-slows-amid-covid-in-china/

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