Alibaba net income plummets 87 per cent, with first adjusted profit decline in more than five years

//Alibaba net income plummets 87 per cent, with first adjusted profit decline in more than five years

Alibaba net income plummets 87 per cent, with first adjusted profit decline in more than five years

E-commerce giant Alibaba Group Holding reported an 87 per cent year-on-year decline in net income for the September quarter, missing expectations as the company invested more in its young business.Net income fell to 3.4 billion yuan (US$524 million), compared with 26.5 billion yuan a year earlier. The drop was worse than what was expected by analysts, who estimated the company would see 24 billion yuan in net income. Alibaba attributed the decline to heavy investment in its new bargain…

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By | 2021-11-18T12:11:12+00:00 November 18th, 2021|Technology|Comments Off on Alibaba net income plummets 87 per cent, with first adjusted profit decline in more than five years