December 1, 2022

Alibaba stories sluggish progress as shopper spending slows

Alibaba reports sluggish growth as consumer spending slows

Alibaba reports sluggish growth as consumer spending slows

Alibaba reported sluggish progress within the third quarter because the ecommerce large continues to really feel the influence of China’s zero-Covid lockdowns, which have hammered financial progress and shopper spending within the nation.

The Chinese language group on Thursday mentioned income for the three months to the top of September rose 3 per cent from a yr earlier to Rmb207bn ($29bn), falling wanting analysts’ expectations.

“We delivered strong outcomes this previous quarter regardless of ongoing macro surroundings…

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