Chinese e-commerce giant Alibaba Group Holding Ltd. posted the slowest quarterly revenue growth since its IPO in 2014, as China’s Covid-19 restrictions and an economic slowdown compounded the financial toll of government crackdowns.
For the quarter ended March, the Hangzhou-based company’s revenue rose 9% from the same period last year to 204.1 billion yuan, or $32.2 billion, based on an exchange rate of 6.34 yuan to the dollar, Alibaba said used. The company posted a net loss of 16.2 billion yuan in the fourth quarter of the fiscal year, compared with a net loss of 5.5 billion yuan a year earlier. Alibaba cited price declines in its holdings in publicly traded companies.
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