Alibaba Group Holding Ltd. reported the slowest revenue growth since it went public.
Alibaba’s revenue growth reflects how China’s crackdown on its technology sector is taking a financial toll on the e-commerce giant.
Sales rose 9.7% for the three months ending in December, far below the 40%-plus growth that was common before the government scrutiny began.
Net income tumbled 74% to 20.4 billion yuan ($3.2 billion), after the company took a big hit from losses in its global investment portfolio.
Annual active consumers rose 43 million to a better-than-expected 1.28 billion while cloud revenue jumped 20%.
The company warned in November that revenue growth for the fiscal 2022 year would be 20% to 23%, compared with the 27% that analysts had been projecting.
Its valuation has dropped from a high of about $860 billion to $291 billion.
Bloomberg News reported this week that Chinese authorities are asking the nation’s biggest state-owned firms and banks to start a fresh round of checks on their financial exposure and other links to Ant Group.
