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The Chinese giant of e-commerceat the company Alibabareported a 29% year-on-year drop in its quarterly net profit, at a time when the economic slowdown in China affects household consumption and profitability of companies.
Alibaba’s net profit in the first quarter of its fiscal year stood at 24.3 billion yuan ($3.392 billion).
A year earlier, it was 34.3 billion yuan.
However, its total turnover increased 4% year-on-year, reaching 243.2 billion yuan (33.92 billion dollars), according to a statement from the group sent to the Bag of Hong Kong, where it is listed.
These results were published on the same day that one of the main competitors of Alibaba in ChinaJD.com announced that it had almost doubled its quarterly net profit (92%) year-on-year, reaching 12.6 billion yuan (1.762 billion US dollars).
Alibaba is a key player in the digital economy and online shopping in China, which is why it is considered a barometer of consumption in the country.
China on Thursday published a new set of disappointing indicators despite recent government measures to reactivate he growth.
The Asian faces an unprecedented crisis in its sector real estate.
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2024-08-21 04:42:39