Alibaba announced Thursday that its revenue increased 9% year-on-year to RMB 204.1 billion ($32.2 billion) in the quarter ended March this year. The company’s revenue beats market estimates but the growth rate is a new record-low since the company went public in 2014. Revenue from the company’s core China retail business during the reporting period was RMB 135.9 billion, an increase of 7% compared with a year ago and a figure that accounts for 69% of the firm’s total revenue. The company’s cloud computing arm represents 9% of the total revenue, followed by 7% from international commerce, which mainly represents earnings from Lazada, AliExpress, and Trendyol. Alibaba’s New York-listed shares jumped 14% on Thursday, but Hong Kong shares closed 1.5% lower. Macroeconomic headwinds, regulatory challenges, and pandemic control measures continue to weigh on the performances of Chinese tech giants. Alibaba rival JD also posted a record slow quarterly revenue growth for the first quarter of this year. [Alibaba press release]