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Companies

Alibaba growth hits 3-year low as shoppers trim big-ticket buys

Downplaying worries, CEO says Chinese consumers still 'upgrading' their lives

Alibaba Group Corporate Campus (Xixi, Hangzhou, China)
Alibaba's Hangzhou campus. China's biggest e-commerce group missed analyst estimates for quarterly revenue. (Source: www.alibabagroup.com)

HONG KONG -- Chinese e-commerce leader Alibaba Group Holding became the latest company to feel the chill of China's economic slowdown, missing analyst forecasts on quarterly revenue with the weakest pace of growth in three years.

The New York-listed Alibaba on Jan. 30 reported revenue of 117.28 billion yuan ($17.4 billion) for the three months ended in December, up 41% on the year. The result lagged the 119.1 billion yuan projected by analysts in a FactSet survey, and follows lackluster growth in the July-September period.

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