Chinese e-commerce giant Alibaba on Thursday reported a net loss attributable to ordinary shareholders of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.

The loss was primarily due to a "decrease in market prices of our equity investments in publicly traded companies", among other factors, the company said in a statement.

Alibaba's performance is widely seen as a gauge of Chinese consumer sentiment, given its market dominance.

Revenue for the three months ending September 30 was up three percent year-on-year at 207.2 billion yuan, which Chief Financial Officer Toby Xu said was achieved "in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross border commerce".

This comes after the company earlier this year reported flat quarterly revenue growth for the first time ever.

China's major tech companies have faced economic uncertainty, Covid-19 restrictions that have depressed consumer spending, as well as heightened scrutiny from regulators in recent months.

Fellow tech titan Tencent reported on Wednesday its second quarterly drop in revenue in a row.

tjx/axn

Alibaba

Related Links
Satellite-based Internet technologies

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Amazon plans to invest $2.5 billion in Spain
Madrid (AFP) Nov 16, 2022
Amazon cloud computing unit AWS plans to invest $2.5 billion in Spain over the next 10 years which will create over 1,300 jobs, the US e-commerce giant said Wednesday. The investment will be used to set up and operate a cloud computing hub in Spain, its eighth in Europe, the company said in a statement. "We are delivering on our promise to build new world-class infrastructure locally to help customers in Spain achieve the highest levels of security, availability, and resilience," AWS vice presid ... read more