Chinese tech giant Alibaba posted its worst quarterly sales growth since going public in 2014, amid increased regulatory action on the country’s tech sector by Beijing, reports the Financial Times. The group said on Thursday total revenue grew only 10% to RMB 243 billion ($38 billion) in the final three months of last year, with the slowdown at its core e-commerce business deepening.
In its seven years as a public company, Alibaba had never previously reported year-on-year quarterly revenue growth below 20%.
Alibaba chief executive Daniel Zhang blamed the poor results on China’s slowing economic growth and sliding retail sales because of Covid-19 as well as increasing competition from other tech groups.
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