Beijing – Chinese e-commerce giant Alibaba posted quarterly revenue down slightly for the first time in its history on Thursday, but above expectations, amid an economic slowdown and tougher regulations.
For the first quarter of its fiscal year staggered between April and June 2022, turnover stood at 205.55 billion yuan, or 30.7 billion dollars, detailed the group in a press release evoking a “decline ” in cloud-based clearinghouse businesses.
“After a relatively weak April and May, we see signs of recovery in our business in June,” Group CEO Daniel Zhang was quoted in the statement as saying. At the same time last year, its sales rose 34 percent year on year to 205.7 billion yuan.
Since the end of 2020, the authorities have been intransigent against certain practices of the digital giants, previously widely tolerated, in terms of the collection of personal data and competition. Beijing has thus multiplied the blows against powerful internet companies, prevented from raising money internationally or fined for abuse of a dominant position.
These moves have cost the industry billions of dollars in market capitalization. Long considered in China as a model of success, Alibaba had been the first to suffer the punishment of the public authorities. (AFP)