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Alibaba misses quarterly revenue expectations -Breaking

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© Reuters. FILEPHOTO: A lit logo of Alibaba Group appears at the Beijing office building on 8/9/2021. REUTERS/Tingshu Wang/File Photo

(Reuters) – China’s Alibaba (NYSE:) Group Holding Ltd missed the market’s expectations for its second quarter revenue on Thursday, due to slowing consumption and e-commerce businesses being affected by supply chain restrictions.

China’s tech giants have come under increasing pressure after regulators in China clamped down against powerful companies, from Alibaba to Didi Global Inc. The country’s antimonopoly and security concerns cited.

Alibaba’s annual Singles’ Day sales frenzy saw it record its weakest sales growth in the last week.

The quarter ended September 30 saw revenue rise 29% to 200.69 Billion Yuan ($31.44Billion). Based on Refinitiv data, analysts expected to earn 204.93 billion Yuan annually.

U.S. listed shares of Alibaba fell 2.4% prior to the opening bell.

($1 = 6.3838 renminbi)

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