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Nov. 18, 2021, 8:57 a.m. EST

Alibaba's Quarterly Results Disappoint Due To Supply Chain Issues

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Nov 18, 2021 (Baystreet.ca via COMTEX) -- Chinese technology giant Alibaba Group Holding /zigman2/quotes/201948298/composite BABA -1.02% missed market expectations for its quarterly revenue as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints.

China's big tech companies have also been under pressure as the country's regulators clamped down on powerful players from Alibaba to ride-hailing giant Didi Global, citing antimonopoly and security concerns.

Alibaba's revenue rose 29% to 200.69 billion yuan ($31.44 billion U.S.) in the quarter ended September 30. Analysts had expected revenue of 204.93 billion yuan, according to Refinitiv data.

U.S.-listed shares of Alibaba, which have lost 30% so far this year, were down 2.4% in pre-market trading on news of the quarterly results.

Last week, Alibaba recorded its slowest sales growth during its annual Singles' Day shopping event.

COMTEX_397203683/2559/2021-11-18T08:57:15

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 119.14
-1.23 -1.02%
Volume: 21.94M
Jan. 25, 2022 4:00p
P/E Ratio
17.30
Dividend Yield
N/A
Market Cap
$328.52 billion
Rev. per Employee
$497,763
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