Chinese technology giant Alibaba Group Holding (NYSE:BABA) missed market expectations for its quarterly revenue as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints.
China's big tech companies have also been under pressure as the country's regulators clamped down on powerful players from Alibaba to ride-hailing giant Didi Global, citing antimonopoly and security concerns.
Alibaba’s revenue rose 29% to 200.69 billion yuan ($31.44 billion U.S.) in the quarter ended September 30. Analysts had expected revenue of 204.93 billion yuan, according to Refinitiv data.
U.S.-listed shares of Alibaba, which have lost 30% so far this year, were down 2.4% in pre-market trading on news of the quarterly results.
Last week, Alibaba recorded its slowest sales growth during its annual Singles' Day shopping event.
