China's Alibaba misses quarterly revenue expectations
Last week, Alibaba recorded its slowest sales growth during its annual Singles' Day shopping frenzy
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)
