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

    The BMW iX3 50 xDrive has a claimed range of 805 km – without air-conditioning.

    BMW iX3 50 xDrive review: What a week with BMW’s most important car taught me

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Over the past three years, Singapore has overtaken Hong Kong as the top destination for Taiwanese offshore wealth.

    Taiwan’s wealthy seeks diversification to Singapore, sparking private banking race: Bloomberg

    Hong Kong youth no longer see a stable job and a lifetime of work as the only life goal – instead, they place greater emphasis on freedom and quality of life.

    Not in education, employment or training: Why more Hong Kong youths are opting out of work

    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