Published 2 years ago

Alibaba posts slowest ever quarterly revenue growth as economy slows

Summary by Ground News

Chinese e-commerce giant Alibaba said on Thursday its profit fell 59 per cent in the last fiscal year. The Hangzhou-based group cited "macro challenges that impacted supply chains and consumer sentiment." It warned it would not give forward-looking financial guidance due to COVID-19 risks and uncertainty. Alibaba's earnings follow a series of sluggish results by prominent Chinese tech firms.

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Reuters

Alibaba waives 2022 guidance citing COVID-19 risks as revenue growth slows

Alibaba Group , on Thursday said it would not give a forecast for the current fiscal year due to COVID-19 risks as it reported its slowest quarterly revenue growth since going public in 2014.

2 years ago·United Kingdom

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abc News

Alibaba reports slowest growth yet amid COVID-19 outbreaks

Alibaba Group Holding 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

2 years ago·United States

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The Washington Post

Alibaba reports slowest growth yet amid COVID-19 outbreaks

2 years ago

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South China Morning Post

Alibaba posts slowest ever quarterly revenue growth as economy slows

E-commerce giant Alibaba reported a 9 per cent increase in revenue for the March quarter, the slowest pace on record amid lockdowns but cloud business turns full year profit for first time.

2 years ago·Hong Kong

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Channel News Asia

Alibaba full-year profit slumps nearly 60% on tech crackdown, COVID-19

BEIJING: Chinese e-commerce giant Alibaba said on Thursday (May 26) its profit fell 59 per cent in the last fiscal year, joining other tech firms that reported lacklustre results while grappling with COVID-19 restrictions and a sector crackdown. China's economy has been battered by the fallout from st

2 years ago·Singapore

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IBTimes

Alibaba Full-year Profit Slumps Nearly 60% On Tech Crackdown, Covid

Chinese e-commerce giant Alibaba said Thursday its profit fell 59 percent in the last fiscal year, joining other tech firms that reported lacklustre results while grappling with Covid-19 restrictions and a sector crackdown. China's economy has been battered by the fallout from strict Covid curbs including lockdowns and transport restrictions that have kept consumers home, pushed up unemployment, and tangled supply chains. Alibaba has also had to…

2 years ago·United States

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