Alibaba Group Holding Ltd’s revenue for the three months ended June rose 28 percent, missing analysts’ estimates, with growth slowing to its lowest rate in more than three years.

China’s biggest e-commerce company posted quarterly revenues of $3.27 billion, below an expected $3.39 billion, according to a Thomson Reuters SmartEstimate poll of 28 analysts.

The drop in revenue growth came as gross merchandise volume (GMV) — the total value of goods transacted across Alibaba’s platforms — rose 34 percent, also rising at its slowest pace in more than three years.

(Reporting by Paul Carsten; Editing by Mark Potter)

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