The Business Times
business-time-50

Alibaba full-year profit slumps nearly 60% on tech crackdown, Covid

google-preferred-sourceAdd BT as a preferred source
Published Thu, May 26, 2022 · 08:19 PM
    • Alibaba's profit fell 59 per cent in the latest fiscal year, joining a number of tech firms to report lacklustre results following strict Covid-19 restrictions and a sector crackdown.
    • Alibaba's profit fell 59 per cent in the latest fiscal year, joining a number of tech firms to report lacklustre results following strict Covid-19 restrictions and a sector crackdown. REUTERS

    CHINESE e-commerce giant Alibaba said Thursday (May 25) its profit fell 59 per cent in the latest fiscal year, joining a number of tech firms to report lacklustre results following strict Covid-19 restrictions and a sector crackdown.

    The Hangzhou-based group cited “macro challenges that impacted supply chains and consumer sentiment” as it announced a loss of 16.2 billion yuan (S$3.3 billion) for the January-March quarter — a fourth-straight quarterly decline — and warned it would not give forward-looking financial guidance due to Covid risks. AFP

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    Maritime vessels off Singapore's waters. The war on Iran, which has disrupted global supply chains, entered its 100th day on Jun 6.

    In a world of long-drawn crises, ‘wait and see’ may be a decreasingly tenable stance

    Trading under the symbol SPCX, SpaceX has picked a handful of brokerage firms to distribute shares in the IPO to retail customers in the US.

    SpaceX’s US$1.75 trillion IPO: How retail investors, including those in Singapore, can buy shares

    DeepSeek’s rapid global rise proves that elite Chinese AI talents do not have to work for American companies to achieve massive success.

    The returnees: Inside China’s AI talent reversal

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More