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Sunday, December 4, 2022

Balance season: Alibaba’s profits fall 96% in its first half

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William
William
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you're looking for insights into what's going on in the stock market or economic indicators, you've come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
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Alibaba has also had to face stiff competition from companies like Pinduoduo and Douyin of ByteDance – China’s version of Tiktok – which have expanded their e-commerce offerings and captured more market share.

In addition, the company has not yet fully recovered from regulatory measures in the technology sector, which have reduced opportunities for growth.

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Revenue grew 3% to 207.18 billion yuan ($28.96 billion) in the three months ended September 30, compared with the Refinitiv consensus estimate of 208.62 billion yuan compiled from 25 analysts.

Alibaba, which runs China’s biggest online marketplaces Tmall and Taobao and owns a wide range of businesses from logistics to cloud services, posted a net loss attributable to shareholders of 20.56 billion yuan in the quarter. . Excluding one-time items, Alibaba earned 12.92 yuan per American Depository Share (ADS).

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Alibaba’s financial subsidiary, Ant Group, continues to undergo a government-ordered revamp and has yet to revive plans for its public market debutafter its attempt to go public and raise $37 billion fell apart at the last minute in late 2020.

Ant, which is 33% owned by Alibaba, posted a profit of 7.72 billion yuan in the quarter ending in June, down 63.2% from a year earlier. Finally, it is worth clarifying that Alibaba reported its benefits from the Ant group a quarter late.

Source: Ambito

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