Alibaba’s quarterly profit shrinks 29pc
By News Desk
August 16, 2024
BEIJING: Chinese e-commerce giant Alibaba reported a 29 per cent fall in quarterly profit on Thursday as it battles sluggish consumption during an economic slowdown.
Net income attributable to shareholders came in at 24.3 billion yuan ($3.3 billion) in the quarter ending June 30, Alibaba said in a corporate filing, down from 34.3 billion yuan in the same period in 2023.
Alibaba runs some of China’s most popular e-commerce apps and its performance is widely considered an indicator of broader economic trends.China released another series of disappointing indicators on Thursday, despite recent government measures to boost growth.
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