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Chinese tech giants record worst quarter ever, owing to Beijing’s zero-Covid pol...
source link: https://nextbigwhat.com/chinese-tech-giants-record-worst-quarter-ever-owing-to-beijings-zero-covid-policy/
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- Chinese technology giants witnessed the worst quarter of growth in history as a big slowdown in the world’s second-largest economy was stoked by Beijing’s strict Covid policy.
- In the second quarter of the year, e-commerce firm Alibaba posted its first ever flat year-on-year quarterly revenue growth and social media and gaming company Tencent reported its first sales decline on record.
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