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Moreover, BABA lowered its revenue guidance for its fiscal year 2022. It now expects revenue growth to be in the range of 20% to 23%, compared to its previous forecast of 27% growth.
According to a Reuters report, China’s market regulator fined several companies, including BABA, for failing to declare 43 deals, asserting that they violated anti-monopoly legislation. Also, BABA’s Singles’ Day sales growth percentage fell to its lowest in its history amid China’s tech crackdown. So, BABA’s near-term prospects look uncertain.
