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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 percent to 200.69 billion yuan ($31.44 billion) in the quarter ended Sept. 30. Analysts on an average had expected revenue of 204.93 billion yuan ($32 billion), according to Refinitiv data.
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US-listed shares of Alibaba, which have lost 30 percent so far this year, were down 2.4 percent before the opening bell.
By Subrat Patnaik and Josh Horwitz; Editor: Arun Koyyur
Learn more:
Alibaba Singles’ Day Posts Record Sales
Alibaba Group Holding Ltd.’s Singles’ Day shopping festival posted record sales of 540.3 billion yuan ($84.5 billion), offering China’s largest e-commerce firm a much-needed boost following a year of heightened regulatory scrutiny.
