(Reuters) – China’s top technology, e-commerce and consumer electronic firms are set to report a sharp slowdown in revenue growth for the June quarter, as a bruising trade war with the United States weighed on the Chinese economy and hurt consumer spending.
Revenues at a handful of China’s biggest tech firms are expected to grow 26% on average in the quarter ended June 30 – the slowest in six quarters – compared with the same period a year earlier, according to consensus estimates from Refinitiv. This includes China’s e-commerce giant Alibaba Corp (BABA.K) and its smaller rival JD.com (JD.O), internet firm Baidu Inc (BIDU.O), and Tencent Holdings (0700.HK), the world’s largest gaming company.
Net income at these companies is expected to grow 9%, versus a galloping 50% increase a year earlier.
The trade war has roiled markets and global supply chains and forced tech companies to rethink production and marketing tactics. A lackluster June quarter is expected to prompt firms…
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