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China tech

Alibaba revenue growth slows to zero on weak Chinese economy

Ant Group's net profit falls 17.3% in March quarter under regulatory pressure

Alibaba’s Hong Kong and U.S.-listed shares have lost about half their value over the past year.   © Reuters

HONG KONG -- Alibaba Group Holding's revenue was almost unchanged at 205.56 billion yuan ($30 billion) in the April-June quarter, the Chinese e-commerce company reported Thursday, as a two-month COVID-19 lockdown in Shanghai slowed China's economy.

That marked the first time Alibaba has reported flat revenue growth as a listed company, but the result beat an average forecast of 203.2 billion yuan by 23 analysts surveyed by Refinitiv.

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