China's Alibaba misses second quarter revenue expectations

China's Alibaba Group Holding Ltd on Thursday missed market expectations for second-quarter revenue, as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints.

China's big tech companies have also been under pressure as the country's regulators clamped down on powerful players from Alibaba to ride-hailing giant Didi Global Inc, citing antimonopoly and security reasons.

Last week, Alibaba recorded its slowest sales growth during its annual Singles' Day shopping frenzy.

Revenue rose 29% to 200.69 billion yuan ($31.44 billion) in the quarter ended Sept. 30. Analysts on an average had expected revenue of 204.93 billion yuan, according to Refinitiv data.

U.S.-listed shares of Alibaba, which have lost 30% so far this year, were down 2.4% before the opening bell.

($1 = 6.3838 Chinese yuan renminbi)

 

(Reporting by Subrat Patnaik in Bengaluru and Josh Horwitz in Beijing; Editing by Arun Koyyur)