Alibaba reported earnings for the quarter ended June 30. Revenue was RMB 205.55 billion ($30.68 million), beating Refinitive’s RMB 203.19 billion expectation. But it is the company’s first yearly revenue decline since it went public in New York in 2014, with a fall of 0.09%. Net income was RMB 22.73 million (US$3.39 billion). The e-commerce giant attributed the performance to Covid resurgence and related control restrictions across China earlier this year but said it managed to recover some of the lost ground in June. “Following a relatively slow April and May, we saw signs of recovery across our businesses in June,” Alibaba CEO Daniel Zhang told Alizila, the firm’s company news site. [CNBC]