Before Alibaba was hit by the antitrust fine and severe restrictions, its revenue and adjusted net income increased 41% and 30%, respectively, in fiscal 2021 (which ended in March of that calendar year). During the fiscal second-quarter conference call, CEO Daniel Zhang attributed the e-commerce deceleration to the "ongoing resurgence of COVID-19, geopolitical tension, inflation, and currency depreciation." Those headwinds throttled its sales of apparel and consumer electronics, which were only partly offset by its growth in "interest-based categories" like outdoor recreation, pet care, health, and other wellness-related products.