China’s Covid-hit Alibaba posts slowest revenue growth since IPO

Ali Baba Group Holding Ltd. posted the slowest revenue growth for the second consecutive quarter since its IPO in 2014, and the Chinese e-commerce giant said challenges from Covid-19 outbreaks were significantly reducing its business across China.

The impact of Covid-19 restrictions has added to the already heavy financial cost to the company from regulatory measures and the country’s economic downturn. Alibaba said that since mid-March – around the time a wave of infections with the Omicron variant of the coronavirus hit China – it has seen a broad impact from supply chain and logistics disruptions. . It said cities with new Covid-19 cases in April made up more than half of its retail markets in China.


Wj

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