Alibaba reports slowest growth yet amid COVID-19 outbreaks

KIFI

Published May 26, 2022 7:49 AM

By ZEN SOO
Associated Press

HONG KONG (AP) — Alibaba Group Holding on Thursday reported a single-digit increase in its fourth-quarter revenue, its slowest quarter yet as its online services and e-commerce businesses took a hit amid COVID-19 lockdowns across China. Revenue increased 9% to 204.05 billion yuan ($30.3 billion) in the three months ended March, as its core e-commerce platforms Taobao and Tmall suffered from disruptions in supply chain and logistics and a dip in demand due to COVID-19 outbreaks in March, the company said. Alibaba also said that it would not issue a forecast for the fiscal year, stating uncertainties around the pandemic.

Article Topic Follows: AP National Business

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