Alibaba has reported its slowest quarterly sales growth since its 2014 public listing, as the Chinese ecommerce giant was hit by Beijing’s regulatory crackdown on technology groups and rising competition.
The group said on Thursday total revenue grew by only 10 per cent to Rmb243bn ($38bn) in the final three months of last year, with the slowdown at its core ecommerce business deepening.
Alibaba chief executive Daniel Zhang blamed China’s slowing economic growth and sliding retail sales because of Covid-19 as well as increasing competition from other tech groups.
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