Virus outbreak hitting many areas of China economy: Alibaba
Epidemic hurting production as many workers can't get to or do their jobs; consumers are cutting discretionary spending
Sat, Feb 15, 2020 - 5:50 AM
The company's latest results show revenue surged a better-than- expected 38 per cent to 161.5 billion yuan (S$32 billion), while net income rose 58 per cent to 52.3 billion yuan, but overall revenue is negatively impacted in the current quarter.
ALIBABA Group Holding Ltd warned that the coronavirus responsible for killing more than 1,300 people in China is exerting a fundamental impact on the country's consumers and merchants, and will hurt its revenue growth in the current quarter.