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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Alibaba revenue grows at weakest pace in 3 years

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BEIJING: E-commerce giant Alibaba Group Holding Ltd’s quarterly revenue grew at its weakest pace since 2016, as the impact of a slowing Chinese economy and a crippling Sino-US trade war kept buyers away during its top-sale season.


The result is likely to add to investor worries as it highlights the mounting pressures facing the e-commerce behemoth, whose sales are often seen as a yardstick of consumer spending in the world’s second-largest economy.


Alibaba, the second most valuable public company in Asia after Tencent, posted third-quarter revenue of 117.28 billion yuan ($17.47 billion), compared with 83 billion yuan a year earlier.


That compares with an estimate for revenue of 118.9 billion yuan from 31 analysts polled by Refinitiv.


Net income rose 33 per cent to 30.96 billion yuan, however, beating estimates and sending Alibaba’s stock up by two per cent in pre-market trade.


Alibaba typically posts its highest revenue in the December quarter due to its mega “Singles’ Day” in November — the world’s biggest online sales event that outstrips the sales of United States shopping holidays Black Friday and Cyber Monday combined. — Reuters



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