BEIJING, Aug 15 — Chinese e-commerce giant Alibaba reported a 29 per cent fall in quarterly profit today as it battles sluggish consumption during an economic slowdown.
The company’s net income attributable to shareholders came in at 24.3 billion yuan (RM14 billion) in the quarter ending June 30, Alibaba said in its 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 today, despite recent government measures to boost growth.
Alibaba’s revenue for the first quarter was 243.2 billion yuan, up 4 per cent from the previous year.
The firm’s results contrast starkly with rival shopping app operator JD.com, which announced a whopping 92.1 per cent increase in profit for the past quarter. — AFP
