Alibaba’s US-listed shares fell more than 10 per cent after the ecommerce group cut its sales forecasts sharply, citing slower growth in Chinese consumer spending.
In quarterly results on Thursday, Alibaba said it now expected 20-23 per cent sales growth in 2022 compared with an earlier forecast of 30 per cent growth after experiencing “softer market conditions”.
Recent Chinese economic data have painted a gloomier picture of the country’s growth prospects. Retail sales rose just 2.5 per cent year on year in August, far below economists’ forecasts of a 7 per cent rise and the slowest increase in 12 months.
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