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% 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, according to Refinitiv data.
U.S.-listed shares of Alibaba, which have lost 30% so far this year, were down 2.4% before the opening bell.
($1 = 6.3838 Chinese yuan renminbi)
(Reporting by Subrat Patnaik in Bengaluru and Josh Horwitz in Beijing; Editing by Arun Koyyur)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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