Alibaba Group Holding Ltd. slashed its growth expectations for this fiscal year, as Chinese consumers spend less in an increasingly competitive e-commerce market.
The retail behemoth said it expects its fiscal 2022 revenue to increase by 20% to 23%, down from its forecast of about 30% in May. In an earnings call Thursday, company executives attributed the more-pessimistic outlook to a slowdown in consumer spending in the world’s second-largest economy and an abundance of e-commerce rivals.
