Chinese e-commerce company Alibaba Group Holding on Tuesday posted a greater-than-expected decline in profit for the fourth quarter due to its equity investments, sending its stock price plunging in New York. Its net income for the quarter ended March was 3.
FILE - The logo of Chinese technology firm Alibaba is seen at its office in Beijing, Aug. 10, 2021. Chinese e-commerce company Alibaba Group Holding on Tuesday, May 14, 2024, posted a greater-than-expected decline in profit for the fourth quarter due to its equity investments, sending its stock price plunging in New York .
Revenue however beat estimates and was up 7% to 221.8 billion yuan , as the company in recent months refocused its efforts to grow its e-commerce business amid growing competition from rivals such as Pinduoduo and Douyin as well as a slowing Chinese economy. Quarterly revenue for its e-commerce platforms Taobao and Tmall grew 4% compared to the same time last year.
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