Alibaba revenue beats expectations despite contraction

KIFI

Published August 4, 2022 7:08 AM

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — Chinese e-commerce firm Alibaba Group Holding on Thursday beat market expectations for revenue in its quarter ended June, even as revenue was nearly flat and the company grapples with increased regulatory scrutiny and a slowing economy. Alibaba reported revenues of 205.6 billion ($30.4 billion) for its quarter ended June, down 0.1% from last year. The company said the decline was “mainly due to impacts from COVID-19 resurgence and restrictions that resulted in supply chain and logistics disruptions in April and most of May.” It was the first time that the company has reported a contraction in sales. Net income plunged 50% to 22.7 billion yuan ($3.4 billion).

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.