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BEIJING: Chinese e-commerce giant Alibaba on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.

The heavy net loss attributable to ordinary shareholders was primarily due to a “decrease in market prices of our equity investments in publicly traded companies”, among other factors, the company said in a statement.

Alibaba’s performance is widely seen as a gauge of Chinese consumer sentiment, given its market dominance.

Revenue for the three months ending September 30 was up three percent year-on-year at 207.2 billion yuan, which Chief Financial Officer Toby Xu said was achieved “in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross-border commerce”.

Alibaba said it achieved revenue growth by “enhancing operating efficiency” as well as through the expansion of its logistics and services businesses, despite a slump in e-commerce sales within China. It comes after the company earlier this year reported flat quarterly revenue growth for the first time ever.

The company said in its statement on Thursday that revenue from domestic commerce had fallen in the third quarter, “mainly as a result of softer consumption demand, Covid-19 resurgence and restrictions, as well as ongoing competition”.

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