Alibaba Group Holding Ltd. posted the slowest revenue growth for the second straight quarter since it went public in 2014, and the Chinese e-commerce giant said challenges from Covid-19 outbreaks are severely cutting into its business across China.
The impact of Covid-19 restrictions has added to the already-heavy financial toll on the company of regulatory action and economic slowdown. Alibaba said that since mid-March—around when a wave of infections with the Omicron variant of the coronavirus hit China—it has seen broad impact from supply-chain and logistics disruptions. It said that cities with new Covid-19 cases in April represented more than half of its China retail marketplaces.
