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China tech

Alibaba Group reports slowest-ever quarterly revenue growth

Profits plunge as e-commerce giant faces crackdown, heated competition

Alibaba's sales suffer as it faces regulatory crackdown and intensifying competition.   © Reuters

HONG KONG -- Chinese e-commerce giant Alibaba Group Holding's net income plunged 74% in the October to December period while revenue grew by just 10% to 242.6 billion yuan ($38.35 billion), the slowest pace in a single quarter.

Alibaba's revenue was lower than the 246.37 billion yuan average estimate among analysts surveyed by Refinitiv.

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