Chinese e-commerce giant Alibaba has become the first Internet company in China with a single-quarter revenue of over 100 billion yuan, The Paper reported.

In the fourth quarter of 2018, Alibaba’s revenue increased 41% from a year earlier, reaching 117.278 billion yuan (US$17.46 billion). Its net profit increased 37% year-on-year to 33.05 billion yuan.

However, the company’s quarterly revenue growth rate was the lowest since the beginning of 2016. This compares to 56% year-on-year revenue growth in the third quarter.

Recent earnings reports of other companies, including Apple, reflect signs of weak sales in the Chinese market.

Alibaba operates two of China’s e-commerce platforms — Taobao and Tmall — and continues to benefit from the Double 11 Online Shopping Festival they created, which has repeatedly set sales records.

Alibaba also cut its revenue growth forecast for the 2019 fiscal year ending in March this year by about 5%.