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Alibaba warns of drop in e-commerce revenues due to coronavirus – Source Reuters Tech News

(Reuters) – Alibaba Group Holding Ltd warned of a drop in revenues at its key e-commerce businesses this quarter as the coronavirus sweeping China hits supply chains and deliveries.

The warning from executives came during an earnings call for the quarter ending in December 2019, during which the company beat analyst estimates and brought in record transactions for its annual Singles’ Day shopping event.

CEO Daniel Zhang said the delayed return to work following the Lunar New Year, due to the virus outbreak which has killed more than 1,350 people in China and infected thousands more, had caused problems for merchants and delays in fulfilling orders.

He said food delivery orders had dropped year-on-year due to the number of restaurants that had closed as a result of the outbreak. And while the company has seen a surge in demand for goods from its Hema supermarkets, it has been held back by limited delivery capacity.

Finance chief Maggie Wu said most of Alibaba’s businesses that…

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Source Reuters Tech News

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