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• The revenue growth was the slowest since the company went public in 2014
Chinese ecommerce giant Alibaba Group Holding Limited (NYSE: BABA) on Thursday decided to back off from forecasting outlook for the current fiscal year as it reported slowest quarterly revenue growth since 2014.
The company said its business was deeply impacted due to the lockdowns imposed in China with the resurgence of Covid-19.
The revenue grew 9% to 204.05 billion yuan, or $30.35 billion, in the quarter ended March, beating analysts’ expectations of 199.25 billion yuan, according to Refinitiv data. The revenue growth was the slowest since the company went public in 2014.
Quarterly performance
Alibaba’s cloud computing division posted revenue growth of 12% to 18.97 billion yuan in the quarter while the largest commerce unit’s revenue climbed 8% to 140.33 billion yuan. The company earned, on an adjusted basis, 7.95 yuan per share, beating estimates of 7.31 yuan.
Annual active consumers for the fiscal year were about 1.31 billion, which includes over 1 billion consumers from China.
Ant Group, an affiliate company of Alibaba, posted profit of about 22 billion yuan for the quarter ended December and also paid 3.9 billion yuan in dividend for the first time to Alibaba.
Picture Credits: Reuters
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