Reuters
Alibaba sees annual growth slowing sharply as consumption lags
China’s Alibaba forecast annual revenue to grow at its slowest pace since its 2014 stock market debut as second-quarter results missed expectations due to slowing consumption, increasing competition and a regulatory crackdown. U.S.-listed shares of Alibaba Group Holding Ltd, which expects fiscal year 2022 revenue to grow by 20% to 23%, tumbled 10.3% in pre-market trading on Thursday. Beijing has come down hard on China’s big tech, citing antimonopoly and security reasons, hitting bottomlines and stock prices at companies including Alibaba and gaming giant Tencent Holdings Ltd. Tencent last week posted its slowest revenue growth since it went public in 2004.
