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- Europe's asteroid mission Hera launches despite hurricane
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- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
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- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
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- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
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- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
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- Oil prices rise, stocks fall on Middle East tensions
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Alibaba reports loss of $2.9 billion in third quarter
Chinese e-commerce giant Alibaba on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.
The heavy net loss attributable to ordinary shareholders was primarily due to a "decrease in market prices of our equity investments in publicly traded companies", among other factors, the company said in a statement.
Alibaba's performance is widely seen as a gauge of Chinese consumer sentiment, given its market dominance.
Revenue for the three months ending September 30 was up three percent year-on-year at 207.2 billion yuan, which Chief Financial Officer Toby Xu said was achieved "in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross-border commerce".
Alibaba said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses, despite a slump in e-commerce sales within China.
It comes after the company earlier this year reported flat quarterly revenue growth for the first time ever.
- Flagging demand -
The company said in its statement on Thursday that revenue from domestic commerce had fallen in the third quarter, "mainly as a result of softer consumption demand, Covid-19 resurgence and restrictions, as well as ongoing competition".
In a sign of difficulties for Alibaba, the company appears to have laid off a number of employees, with its headcount down more than 1,700 from the previous quarter.
China's major tech companies have faced economic uncertainty, Covid-19 restrictions that have depressed consumer spending, as well as heightened scrutiny from regulators in recent months.
Fellow tech titan Tencent reported on Wednesday its second quarterly drop in revenue in a row.
Alibaba in particular has been at the centre of regulatory crackdowns at home and abroad.
US authorities have put the company on a watchlist that could see it delisted in New York if it does not comply with disclosure orders, causing its shares to slump.
Chinese authorities pulled a planned IPO by the company's financial arm Ant Group at the last minute in 2020, then hit Alibaba with a record $2.75 billion fine for alleged unfair practices last year.
The company's Singles Day e-commerce festival, which traditionally dwarfs similar US events such as Black Friday and Cyber Monday, has been more muted in recent years.
Alibaba -- alongside main rival JD.com -- did not release full sales figures for the shopping bonanza for the first time ever this year, instead saying in a statement that sales were flat from last year.
S.F.Lacroix--CPN