Alibaba has reported continued slowing growth amid its quarterly results, coming in below analysts’ expectations.
The Chinese retail giant revealed that core ecommerce revenues for the three months to September grew 56 per cent to 72.48 billion yuan (£8 billion), accounting for around 84 per cent of total revenues.
Meanwhile, revenues from its cloud computing arm shot up 90.5 per cent to 5.67 billion yuan (£633.3 million), while entertainment and digital revenues jumped 24 per cent to 5.94 billion yuan (£663.5 million).
Total revenues increased 54.5 per cent to 85.15 billion yuan (£9.5 billion), lower than the 86.51 billion yuan (£9.66 billion) expected.
Although this comes ahead of Singles Day, the shopping event which eclipses Amazon’s Black Friday and earned Alibaba $25 billion in sales last year, factors like the imminent departure of its founder Jack Ma and tensions over a looming trade war with the US have impacted sales.
Singles Day will take place on November 11, with promotions for the event already beginning to surface across Alibaba’s various platforms.