Alibaba misses market expectations despite huge Singles’ Day haul

Alibaba has announced it has missed the market’s expectations for its Q2 revenue as the ecommerce boom slows and Beijing’s Big Tech clampdown continues.

The news comes despite the company posting a record Singles’ Day haul of 540.3 billion yuan ($84.54 billion).

Chinese regulators have been calling for tighter laws when it comes down to Big Tech, with Alibaba in particular bearing the brunt of the crackdown after criticism from founder Jack Ma on the country’s regulatory processes.

READ MORE: JD.com announces 25% leap in quarterly revenue

Despite the ecommerce giant recording its largest ever Singles’ Day total, it was also its slowest sales growth rate during the annual shopping frenzy.

Revenue rose 29 percent to 200.69 billion yuan ($31.44 billion) in the quarter ended September 30, falling short of analysts’ predictions of revenue of 204.93 billion yuan ($32 billion), according to Refinitiv data.

US-listed shares of Alibaba, which have lost 30 percent so far this year, were down 2.4 percent before the opening bell.

Alibaba’s main rival, JD.com, recorded a jump in 25.5 per cent in quarterly revenues however.

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