China's Alibaba Group Holding Ltd. reported on Thursday a 10-percent year-on-year increase in revenue for the quarter that ended December 31, 2021, the lowest quarterly growth since it went public in 2014, besides a drop in net income.

For the fiscal third quarter, the e-commerce giant posted a revenue of 242.6 billion yuan ($38.37 billion), lower than analysts' average expectation of 246.37 billion yuan, according to Refinitiv. 

The revenue was mainly driven by the growth in China's commerce segment by 7 percent year on year to 172,226 million yuan and cloud segment by 20 percent year on year to 19,539 million yuan, according to the earnings report.

Its local consumer services segment grew by 27 percent year on year and international commerce segment increased by 18 percent year on year.

The company's non-GAAP net income dropped by 25 percent year on year to 44,624 million yuan.

The company had 1.28 billion annual active consumers as of the December quarter, up about 43 million from the September quarter figure. The latest figure included 979 million consumers in China and 301 million internationally.

(With input from Reuters)