Home ›› 18 Nov 2021 ›› World Biz
China's Alibaba Group Holding Ltd on Thursday missed market expectations for second-quarter revenue, as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints.
China's big tech companies have also been under pressure as the country's regulators clamped down on powerful players from Alibaba to ride-hailing giant Didi Global Inc, citing antimonopoly and security reasons.
Last week, Alibaba recorded its slowest sales growth during its annual Singles' Day shopping frenzy.
Revenue rose 29 per cent to 200.69 billion yuan ($31.44 billion) in the quarter ended September 30. Analysts on an average had expected revenue of 204.93 billion yuan, according to Refinitiv data.
US-listed shares of Alibaba, which have lost 30 per cent so far this year, were down 2.4 per cent before the opening bell.
