Shares in Alibaba dropped around 6% Thursday morning on reports of the Chinese tech giant’s slowest revenue growth since its landmark US listing in 2014. The company’s shares eventually rebounded slightly to close 0.7% down on the US market. Alibaba’s total revenue for the quarter ended December 2021 grew 10% year on year to RMB 242.6 billion ($38 billion), which is in line with investment bank Jefferies Group’s RMB 243.1 billion estimate. The company reported adjusted earnings of $2.65 a share, beating market estimations of $2.55 per share. Despite seeing slowed growth in its core marketplaces Taobao and Tmall, Alibaba claimed solid progress on Taobao Deals and grocery delivery service Taocaicai with regard to lower-tier city penetration. Alibaba, along with Chinese tech peers such as Tencent and JD, has been facing macroeconomic headwinds since last year ranging from more fierce competition to tougher regulations. [Alibaba press release]