Alibaba is focusing on shoring up its bottom line as Covid policies and antitrust measures imposed during last year’s tech sector crackdown sap growth. This month, the company failed to disclose full sales results for its signature Singles’ Day shopping festival for the first time in 14 years, suggesting a disappointing turnout for its most important annual event. And Chinese retail sales contracted 0.5% in October – the first decline since May and worse than expectations for slight growth.
Alibaba Group Holding Ltd. reported a surprise loss after quarterly revenue barely grew, as China’s rigid Covid controls continue to depress consumer sentiment.
China’s e-commerce leader reported a net loss of RMB20.6 billion yuan (US$2.9 billion or $3.96 billion) versus projections for a profit of almost the same amount, after it marked down the value of investments across a portfolio that spans Didi Global Inc. to Indonesia’s GoTo. Its shares fell 3% in early trading in New York.
