Alibaba Reports Slowest Growth Yet

Alibaba Group Holding Ltd. reported a single-digit increase in fourth-quarter revenue, its slowest quarter yet, as COVID-19 lockdowns in China hurt its online services and e-commerce businesses. According to the company, revenue increased 9 percent to 204.05 billion yuan ($30.3 billion) in the three months ended March due to supply chain and logistics disruptions, as well as a drop in demand due to COVID-19 outbreaks in March.

The revenue growth in the single digits paled in comparison to the 64 percent revenue growth in the same quarter last year. Alibaba's sales growth, on the other hand, exceeded analyst expectations, and its New York-listed shares were up more than 9% in early trading.

According to executives, Alibaba reached 1.31 billion annual active consumers on its platforms during the fiscal year, including more than 1 billion Chinese users for the first time. The company reported a net loss attributable to shareholders of 16.24 billion yuan ($2.4 billion), more than triple the same period last year, primarily due to declines in market prices for Alibaba's equity investments in publicly traded companies.