Alibaba reported sluggish growth in the third quarter as the ecommerce giant continues to feel the impact of China’s zero-Covid lockdowns, which have hammered economic growth and consumer spending in the country.
The Chinese group on Thursday said revenue for the three months to the end of September rose 3 per cent from a year earlier to Rmb207bn ($29bn), falling short of analysts’ expectations.
“We delivered solid results this past quarter despite ongoing macro environment challenges,” said chief executive Daniel Zhang. “Consumption appetite was weak . . . the resurgence of Covid has affected one area after another,” he said.
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