Alibaba revenue falls short as consumers cut back

STORY: Alibaba posted a smaller-than-expected rise in quarterly revenue Thursday (November 17).

It grew 3% to just under $29 billion in the three months ended September 30th - below analyst projections.

The e-commerce giant was hurt by China's health crisis restrictions and lower consumer spending.

Alibaba has also endured more competition from the likes of Pinduoduo and TikTok-owner ByteDance.

Those rivals have expanded their e-commerce offerings and taken more market share.

Alibaba is also yet to fully recover from China's regulatory crackdown on the tech sector.

The current quarter doesn't look like being much better.

Last week, the firm did not announce its 'Singles Day' sales numbers for the first time.

It only said results were in line with last year - which was its lowest ever growth year.

Another issue for Alibaba is that financial affiliate Ant Group is undergoing a government-driven revamp.

It has yet to revive its public market debut after its $37 billion attempt at a dual listing.

That IPO was derailed by government intervention at the last minute in 2020.