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Chinese e-commerce giant Alibaba Group reported a weaker-than-expected growth in quarterly revenue as the company vowed to “pay full attention to” the new regulatory landscape that has rattled China’s Big Tech sector.
Alibaba said it generated a revenue of 205.7 billion yuan ($31.8 billion) in its fiscal first quarter ended June 30, rising 34 per cent from 153.7 billion yuan during the same quarter last year. The figure was lower than the consensus of 36 per cent increase to 209.38 billion yuan in a Bloomberg poll of analysts.
