Alibaba reports net loss of $2.9 billion in third quarter

Chinese e-commerce giant Alibaba on Thursday reported a net loss attributable to ordinary shareholders of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.

The loss was primarily due to a "decrease in market prices of our equity investments in publicly traded companies", among other factors, the company said in a statement.

Alibaba's performance is widely seen as a gauge of Chinese consumer sentiment, given its market dominance.

Revenue for the three months ending September 30 was up three percent year-on-year at 207.2 billion yuan, which Chief Financial Officer Toby Xu said was achieved "in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross border commerce".

This comes after the company earlier this year reported flat quarterly revenue growth for the first time ever.

China's major tech companies have faced economic uncertainty, Covid-19 restrictions that have depressed consumer spending, as well as heightened scrutiny from regulators in recent months.

Fellow tech titan Tencent reported on Wednesday its second quarterly drop in revenue in a row.

tjx/axn

Alibaba

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