Alibaba misses forecasts as watchdogs loom

Alibaba missed forecasts in the first quarter.

The e-commerce giant was hit by growing competition from smaller rivals like

That saw overall revenue rise to just over $31.8 billion, a little below analyst predictions.

The results mirror those of Amazon, which saw online sales growth slow as lockdowns eased, and consumers ventured back to shops.

Now a shadow still hangs over Alibaba in the form of China's regulators, who continue to crack down on the country's tech titans.

Late last year they halted a $37 billion IPO for affiliate Ant Group, and ordered a restructuring of the financial firm.

Then in April they fined Alibaba $2.75 billion over anti-competitive practices.

During an earnings call with investors, CEO Daniel Zhang said the firm would monitor the impact of regulatory changes.

As one concern, he cited a recent crackdown on online platforms offering items at below market price.

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