Alibaba Posts Surprise Loss as China Covid Curbs Take a Toll
- Cloud services revenue grew at its slowest pace on record
- Internet giant is struggling with regulation and competition
This article is for subscribers only.
Alibaba Group Holding Ltd. reported a surprise loss after quarterly revenue barely grew, as China’s rigid Covid controls continue to depress consumer sentiment.
China’s e-commerce leader reported a net loss of 20.6 billion yuan ($2.9 billion) versus projections for a profit of almost the same amount, after it marked down the value of investments across a portfolio that spans Didi Global Inc. to Indonesia’s GoTo. Its shares fell 3% in early trading in New York.