Alibaba, Hit by Covid in China, Posts Slowest Revenue Growth Since IPO

Alibaba Group Holding Ltd. posted the slowest revenue growth for the second straight quarter since the company went public in 2014, and the Chinese e-commerce giant says challenges from the Covid-19 outbreak are severely affecting their business across China.

The impact of the Covid-19 restrictions has added to the already heavy financial damage to the company’s management action and economic downturn. Alibaba said that since mid-March – around the time the wave of infections with the Omicron variant of the coronavirus hit China – it has seen a major impact from logistics and supply chain disruptions. It said that cities with new Covid-19 cases in April represented more than half of its Chinese retail market.

https://www.wsj.com/articles/alibaba-hit-by-covid-in-china-posts-slowest-revenue-growth-since-ipo-11653566223?mod=pls_whats_news_us_business_f Alibaba, Hit by Covid in China, Posts Slowest Revenue Growth Since IPO

Edmund DeMarche

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