Alibaba shares slumped by more than 10 per cent in Hong Kong trade after the Chinese online retail giant warned of a slowdown in consumer spending, BBC reported.
The company forecast that its annual revenue would grow at the slowest pace since its stock market debut in 2014.
The weak figures underscore the firm's struggles with increasing competition and Beijing's regulatory crackdown, the report said.
On Thursday, Alibaba's US-listed shares ended the New York trading session more than 11 per cent lower.
Alibaba chief executive Daniel Zhang told investors that increasing competition and slowing consumption in China were the main causes for the weaker growth.
Chinese shoppers have become more cautious about spending, with new coronavirus outbreaks, power shortages and concerns about the property market weighing on sentiment, the report said.
The latest figures do not include sales from this month's Singles Day, or "11.11 Global Shopping Festival," annual shopping festival.
This year's Alibaba's usually glitzy event was a more toned down affair than previously, after Beijing cracked down on businesses and China's economic growth slows, the report said.
In the three months to the end of September, Alibaba's revenue rose by 29 per cent to 200.7bn yuan ($31.4bn), its slowest rate of growth for a year and a half.
The company also said it expects its annual revenue to grow by between 20 per cent to 23 per cent, lower than analysts' forecasts.
Alibaba has come under intense scrutiny from Beijing as tough new rules have been imposed on the country's big technology companies.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.