TECH - Tanking Profit Overshadowed Alibaba's AI Growth And Reignited Domestic E-Commerce | Benzinga
On Tuesday, Alibaba Group Holding Limited (NYSE: BABA) reported its net profit took quite a dive during the fiscal fourth quarter, after already having a hard time throughout 2023 as it underwent its largest-ever corporate restructuring.
Fourth Fiscal Quarter Highlights
For the quarter ended on March 31st, Alibaba posted revenue grew 7% YoY to 221.9 billion yuan, which amounts $30.7 billion, as it boosted domestic e-commerce sales. But, Alibaba reported its net income attributable to ordinary shareholders tanked as much as 86% YoY to 3.27 billion yuan, which is about $452 million, attributing the poor result to a net loss from investments in publicly-traded companies, compared to last year’s quarter when it made a net gain.
Early signs of reignited e-commerce growth.
Although Alibaba is still grappling with cautious consumers in China amid the economic slowdown, its core e-commerce business has improved due to its focus on low-cost goods. Taobao and Tmall division that represent its e-commerce segment reported ...