Briefing

Alibaba sales growth stumbles amid competition, economic uncertainty and China-U.S. tensions

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The company expects sales to grow at least 27.5 per cent to US$91 billion, down from its previous estimate of 35 per cent. Though its quarterly revenue rose 22 per cent, that was its slowest rate of expansion on record. Shares in the Chinese e-commerce giant slid more than five per cent. (Bloomberg)

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Talking point: Alibaba has lost more than US$40 billion in market value since the COVID-19 outbreak as it faces skittish consumers, growing domestic competition and potential fallout from the Trump administration’s ire toward China. But it isn’t all bad news for Asia’s largest corporation. Revenue in its cloud computing service rose 58 per cent, while increases in grocery sales and deliveries helped mitigate losses in clothing, accessories and home furnishings