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Alibaba Outlook Disappoints After China’s Slowdown Hurt Sales

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Reuters

China’s Alibaba warns of slowest revenue growth since debut

(Reuters) -China’s Alibaba Group Holding Ltd forecast annual revenue to grow at its slowest pace since its 2014 stock market debut as second-quarter results missed expectations due to slowing consumption, increasing competition and a regulatory crackdown. U.S.-listed shares of Alibaba, which expects its fiscal year 2022 revenue to grow by 20% to 23%, were down 3% before the opening bell on Thursday. China’s big tech companies have also been under pressure as the country’s regulators clamp down on powerful players from Alibaba to ride-hailing giant Didi Global Inc, citing antimonopoly and security reasons.

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