Alibaba _ e-commerce giant of China has reported a huge loss of almost $3 billion (20.6 billion yuan) for the third quarter of this calendar year.
Alibab has been grappling with an economic slowdown and an anti-monopoly crackdown in China and some other countries.
In a statement issued today, the e-commerce giant said, “The loss was primarily due to a decrease in market prices of our equity investments in publicly traded companies”, among other factors.”
Globally, the financial performance of Alibaba is seen as a benchmark of Chinese consumer sentiment.
According to CFO of Alibaba Toby Xu, the revenue for the three months _ July-Sept 2022 was up three percent year-on-year _ at 207.2 billion yuan. He said the revenue growth was achieved “in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross border commerce.”
He said that this comes after Alibaba reported earlier this year flat quarterly revenue growth for the first time ever.
During the pandemic, China’s leading tech companies faced economic uncertainty, as the Covid-19 restrictions depressed consumer spending and tightened scrutiny from regulators in recent months.