Alibaba, the Chinese ecommerce giant, saw revenue growth slow sharply in the third quarter, as shoppers turned more cautious in the world’s second-largest economy.
Alibaba said yesterday that its revenues had grown 41 per cent year on year in the quarter, the slowest pace recorded by the company in nearly three years.
However, the growth rate was still far ahead of China’s 16 per cent year-on-year rise in retail sales reported in November — the slowest since records began in 2015 — and led the company to generate Rmb117.28bn ($17.5bn) of sales in the three months to the end of December.
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