Alibaba Posts First Revenue Drop Since Going Public

Alibaba Group Holding Ltd.’s once-inexorable growth has finally run out of steam, as China’s leading e-commerce firm failed to post revenue growth for the first time since its 2014 listing.

Revenue for the April-June quarter fell 0.1% from a year earlier, to the equivalent of $30.7 billion, the company said Thursday, highlighting economic pains from China’s stringent Covid-19 restrictions. The drop was slim, though still notable for Alibaba, which for years has been among China’s fastest-growing technology companies.