Alibaba posts loss, slower revenue amid lower consumption

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — Chinese e-commerce company Alibaba Group on Thursday posted net losses and missed market expectations for revenue in its quarter ended September amid a slowing economy and depressed consumer sentiment. Alibaba reported net losses of 20.6 billion yuan ($2.89 billion) that it said was due to falling market prices of its equity investments in listed companies. Revenue grew 3% compared to the same time last year to 207.2 billion yuan ($29.1 billion), as the company saw decreased consumer spending as China continued its strict COVID-19 policies with lockdowns and mass-testing. The company also said that it would extend a share repurchase program to its 2025 fiscal year and will buy an additional $15 billion shares on top of an existing $25 billion share buyback program.