Alibaba suffered slowing growth in its core business in the final quarter of last year as Jack Ma’s internet shopping empire faced a tightening regulatory outlook.
Alibaba’s total revenue rose 37 per cent year on year to Rmb221.1bn ($34.2bn) in the quarter, ahead of analysts’ estimates, but was boosted by the inclusion of sales from Sun Art, the supermarket chain it bought in October.
Stripping out Sun Art’s contribution, revenues grew 27 per cent year on year in the quarter, the slowest pace since its IPO in 2014, excluding the first quarter of last year, which was heavily disrupted by coronavirus.
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