Alibaba Posts First Revenue Decline Since Going Public

Alibaba Group Holding Ltd.’s once-inexorable development has lastly run out of steam, as China’s main e-commerce agency didn’t submit income development for the primary time since its 2014 itemizing.

Revenue for the April-June quarter fell 0.1% from a 12 months earlier, to the equal of $30.7 billion, the corporate mentioned Thursday, highlighting financial pains from China’s stringent Covid-19 restrictions. The drop was slim, although nonetheless notable for Alibaba, which for years has been amongst China’s fastest-growing expertise corporations.