(Reuters) – E-commerce giant Alibaba Group Holding Ltd’s quarterly revenue grew at its weakest pace in three years, as the impact of a slowing China and a crippling Sino-U.S. trade war kept buyers away during its top-sale season.

Alibaba, the second most valuable public company in Asia after Tencent, posted third-quarter revenue of 117.28 billion yuan ($17.47 billion), compared to 83 billion yuan a year earlier.

Net income rose 33 percent to 30.96 billion yuan.

Alibaba typically posts its highest revenue in the December quarter due to its mega “Singles’ Day” in November – the world’s biggest online sales event that outstrips the sales of U.S. shopping holidays Black Friday and Cyber Monday combined.

In 2018, even though Alibaba netted a record $30 billion from the Singles’ Day, annual growth dropped to the weakest rate in the event’s 10-year history as a slowing China and trade tensions chilled sentiment.

($1 = 6.7157 Chinese yuan renminbi)

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