Alibaba Posts Lowest Growth on Record After China Crackdown

(Bloomberg) — Alibaba Group Holding Ltd. reported the slowest revenue growth since it went public, underscoring how China’s crackdown on the technology sector is taking a financial toll on the e-commerce giant.

Sales rose 9.7% for the three months ended in December, far below the 40%-plus growth that was common before the government scrutiny began. At the same time, consumer spending slowed, and competition intensified. Net income tumbled 74% to 20.4 billion yuan ($3.2 billion) after the company took a big hit from losses in its global investment portfolio.