E-commerce group Alibaba has posted flat revenue growth for the first time.
The Hong-Kong based firm said sales in Chinese commerce dropped one per cent compared to the past year while revenue from its cloud business saw revenue up 16 per cent.
The group’s revenue hit 205.56bn yuan ($30bn) in the April to June period, after months of Covid lockdowns in Shanghai slowed the Chinese economy.
Daniel Zhang, Alibaba’s chairman and CEO said: “Following a relatively slow April and May, we saw signs of recovery across our businesses in June.
“We are confident in our growth opportunities in the long term, given our high-quality consumer base and the resilience of our diversified business model catering to different demands of our customers.”