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