China’s Alibaba misses quarterly revenue expectations

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Nov 18 (Businesshala) – China’s Alibaba Group Holding Ltd (9988.HK), on Thursday, missed market expectations for second-quarter revenue as consumption slowed in the country and its e-commerce business due to supply chain constraints. affected by.

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China’s big tech companies have also been under pressure as the country’s regulators crack down on powerful players ranging from Alibaba to ride-hailing giant Didi Global Inc (DIDI.N), citing antimonopoly and security reasons.

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Last week, Alibaba reported its slowest sales growth during its annual Singles Day shopping frenzy.

Revenue rose 29% to 200.69 billion yuan ($31.44 billion) for the quarter ended September 30. Analysts were expecting an average of 204.93 billion yuan in revenue, according to Refinitiv data.

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Alibaba’s US-listed shares, which have fallen 30% so far this year, were down 2.4% before the opening bell.

($1 = 6.3838 Chinese Yuan Renminbi)

Reporting by Subrata Patnaik in Bengaluru and Josh Horwitz in Beijing; Editing by Arun Koyur

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