Alibaba has warned that China’s Covid-19 lockdowns have hit its business, even after the ecommerce giant reported that sales growth in the first quarter had outstripped local rivals such as Tencent and Baidu.
Chief executive Daniel Zhang said the lockdowns had snarled Alibaba’s logistics and supply chains and hit consumer demand for non-essentials, causing the company’s revenue to shrink by a low single-digit percentage in April compared with a year earlier, noting the situation had improved in May.
“We believe operating stability and sustainability during this period is the primary concern of all businesses,” said Zhang.
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