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

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