Alibaba trims revenue forecasts over US-China spat

Hong Kong

China’s Alibaba Group Holding has lowered its full-year sales forecast due to concerns about the economic impact of a US-China trade spat, which the company expects will dent revenue ahead of its top sale season. Asia’s most valuable public company said it will cut its full-year revenue forecast to between 375 billion and 383 billion yuan ($54.4 billion to $55.6 billion), a 4-6 per cent drop, while sales growth in its core commerce business for the September quarter slowed to its lowest rate since 2016. Executives said big-ticket purchases could be affected by economic uncertainty and that they will delay efforts to make more money on some aspects of its marketplaces in an effort to retain businesses on its platform. (Reuters)