Alibaba missed analyst expectations over the previous quarter as increasing competition from rivals and an ongoing government-led “rectification” campaign.
The ecommerce giant saw retail revenues jump by 35 per cent to 180.24 billion yuan (£19.99 billion) in the three months to June, failing to meet average estimates of 184 billion yuan (£20.43 billion).
Its total revenue, which includes its cloud computing business and customer management arm, also missed analyst estimates rising 34 per cent to 205.74 billion yuan (£22.84 billion).
Meanwhile net income also dropped five per cent to 45.14 billion yuan (£5 billion), painting a picture of slowing growth for Asia’s largest retailer.