Alibaba’s Revenue Climbs 22%, Profit Sinks
Alibaba Group Holding Ltd.’s fourth-quarter profit fell 88% from the same period a year ago as the coronavirus outbreak disrupted the Chinese e-commerce giant’s supply chains and hampered its ability to deliver packages.
Alibaba, China’s most valuable technology company, reported net income of 3.16 billion yuan ($447 million) for the quarter ended in March. The company said the fall in profit was mainly because of a net investment loss. A year earlier, Alibaba had a net investment gain.