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
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First Published: Feb 24 2022 | 6:35 PM IST