Alibaba faces struggle with slowest annual growth since 2014 US listing

Alibaba Group Holding yesterday announced revenue growth 29 percent to more than 200 trillion yuan in the second quarter of its fiscal year, but also that adjusted net income for the period was down by 39 percent year on year.

The e-commerce giant said the fall was primarily due to increased investments in key strategic areas, such as the Taobao Deals app, consumer services, community markets and global platforms.

The company also lowered its revenue forecast for the fiscal year 2022, however, forecasting a drop in its growth rate from the previously estimated 30 percent to between 20 and 23 percent.

Reuters reports this would be Alibaba's slowest growth pace since its 2014 US listing.

__________________
Powered by Shanghai Media Group, ShanghaiEye focuses on producing top-quality content for Facebook, Twitter, Instagram and Youtube.
Nobody knows Shanghai better than us.
Please subscribe to us ☻☻☻
__________________
For more stories, please click
■ What's up today in Shanghai, the most updated news of the city
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MNjpE4hspSVry8dR555getN
■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MMVTWr-zIXjsS4hhSQPmyes
■ What Chinese people's lives are like during the post COVID-19 period
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MPrPTmIirpfgETu6VKVESXe
■ Views of foreign scholars on China and its affairs
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MO9ua_nSK6slRPdUl-ovjRe
■ Foreign faces in Shanghai, people living in this city sharing their true feelings
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MP0vJDSw23_1MCPJhAfGbiG
■ Mini-docs showing why China is the country it is today
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MOreRu2AbZ3ziIUyCcdBLwX
__________________
☎Leave us messages if you have any suggestions or questions!
Thank you!