Chinese giant Alibaba posts 86% profit drop but beats revenue expectations

In this article

• BABA
• BABA

Alibaba posted a beat on revenue in its fiscal fourth quarter ended March, even as the Chinese e-commerce giant's net profit plunged sharply.

Here's how Alibaba did in the March quarter versus LSEG consensus estimates:

• Revenue: 221.9 billion Chinese yuan ($30.7 billion) versus 219.66 billion yuan expected.

Net income attributable to ordinary shareholders came in at 3.3 billion yuan, down 86% year-on-year.

Shares of Alibaba were around 3% lower in pre-market trade in the U.S.

Alibaba had a rocky year in 2023, when it carried out its largest-ever corporate structure overhaul. It also separately implemented several high-profile management changes, with company veteran Eddie Wu taking over the reins as chief executive in September.

The Chinese tech giant said earlier this year that it increased its share buyback program by $25 billion through the end of March 2027, in a bid to signal confidence to shareholders.

This is a breaking news story. Please check back for more.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.