May 18, 2022 06:40 AM
BUSINESS Quarterly Growth at Eight-Year Low Amid Virus Restrictions

What’s new: Chinese e-commerce giant Inc. recorded an 18% rise in revenue for the first quarter, the slowest pace since it went public in 2014 in New York.

Sales for the January to March period rose to 239.7 billion yuan ($35.6 billion), slightly higher than analysts forecast. The net loss totaled 3 billion yuan in the quarter, compared with 3.6 billion yuan of net profit in the same period a year ago, the company said Tuesday.

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