$BABA-SW(09988.HK)$$Alibaba(BABA.US)$ is expected to post its first quarterly revenue decline on Thursday morning, with the firm grappling with an uncertain regime and a consumer crisis that is hurting the world's second-largest economy, reported Bloomberg.

$TENCENT(00700.HK)$ is also likely to follow suit later, the report stated. $Tencent ADR(TCEHY.US)$

Projections: Alibaba's revenues are expected to slip 1.2% to 203.4 billion yuan ($30.1 billion) for the June quarter. Its cloud division's revenue is projected to grow 14.3%, which, if true, would be the second-lowest number in about six years, according to Bloomberg.

Analysts are predicting that Tencent's revenues will fall 1.7% in the same period.

Internet giant $Baidu(BIDU.US)$$BIDU-SW(09888.HK)$ is expected to register a 5.6% revenue fall in the June quarter, as per the report, while $JD.com(JD.US)$$JD.com, Inc.-SW(09618.HK)$, $Meituan(ADR)(MPNGF.US)$$Meituan-W(03690.HK)$, and streaming service $KUAISHOU-W(01024.HK)$ are projected to grow at their slowest pace in years.

Expert Take: Ke Yan, a Singapore-based analyst with DZT Research told Bloomberg it used to be the case where investors bought Alibaba and Tencent shares, hoping their dominant positions in e-commerce, social and gaming would create synergy with their newer businesses and vast swathes of portfolio firms. "But that's a long-lost cause since the government tightening," Yan said.