Posted on: August 5, 2022 Posted by: maira salman Comments: 0
Alibaba revenue growth flatlines

Alibaba revenue growth flatlines

Let’s shift focus to China where strict COVID measures have started to bite its tech firms now. Ecommerce major Alibaba Group has reported flat quarterly revenue growth for the first time in its history. China’s ecommerce giant has enjoyed double digit revenue growth almost every quarter since it went public in 2014 after its prospects were heard by Beijing’s crackdown on tech firms and scrutiny of founder Jack bomb.

It is the lockdown woes that are still biting Alibaba. However, Alibaba’s performance was better than expected, and its shares were 4.3% Higher in early US trading. China’s strict lockdowns have hurt its industries including even its gambling hub Macau that underwent strict lockdowns. Alibaba’s main growth driver outside of E commerce cloud computing the revenue, there was up 10%. While revenue for companies global division was just 2%.

The company has already faced slowing revenue growth in the past year, weekly economy and stiffer competition from rivals like Punduro and by dance.

Alibaba revenue growth flatlines