Tech

Alibaba hits Covid in China, recording slowest revenue growth since IPO

Alibaba Group Holding Ltd. has recorded the slowest revenue growth for the second consecutive quarter since its launch in 2014. China’s e-commerce giant said the challenges of the Covid-19 outbreak are having a serious impact on businesses across China.

The impact of the Covid-19 restrictions has already caused significant financial damage to the company: regulatory measures and economic slowdown. Alibaba said it has been extensively affected by supply chain and logistics disruptions since mid-March, when a wave of infections with the Omicron variant of the coronavirus struck China. Cities with new Covid-19 cases in April account for more than half of China’s retail market.

Alibaba hits Covid in China, recording slowest revenue growth since IPO

Source link Alibaba hits Covid in China, recording slowest revenue growth since IPO

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