Alibaba reports smallest rise in quarterly revenue, misses expectations

China's Alibaba Group Holding Ltd on Thursday reported its slowest-ever increase in quarterly revenue since going public in 2014, as tepid growth in its core e-commerce business and intensifying competition ate into sales.

The slowing Chinese economy has taken a toll on the e-commerce company, as consumers cut back discretionary spending. During its annual Singles' Day promotional event last November, the company recorded gross merchandise value growth of 8.5%, a record low.

Alibaba is also facing intensifying pressure from rivals like TikTok-owned ByteDance and Kuaishou, who have capitalized on the booming trend of livestreaming e-commerce.

In its fiscal third quarter, Alibaba re-organized its