Sharjah24 - AFP: Chinese e-commerce powerhouse Alibaba on Thursday revealed a third-quarter loss of 20.6 billion yuan ($2.89 billion), as the company struggles with a slowing economy and anti-monopoly enforcement.
The heavy net loss attributable to ordinary shareholders 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".
Alibaba said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses, despite a slump in e-commerce sales within China.
It comes after the company earlier this year reported flat quarterly revenue growth for the first time ever.
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