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Profit in Q4 missed estimates
Source: Bloomberg News |
February 22, 2012, Wednesday
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Print Edition
Print Edition
ALIBABA.COM Ltd yesterday reported quarterly profit that missed estimates as anti-fraud measures cut the number of vendors using its site for exports.
Net income fell to 386 million yuan (US$61 million) in the fourth quarter of 2011 from 410 million yuan a year earlier, Alibaba.com said in a statement yesterday. That compared with the 432 million yuan average of five analysts' estimates compiled by Bloomberg News. Sales rose to 1.7 billion yuan from 1.5 billion yuan.
Fewer exporters are paying the Hangzhou-based company to set up online accounts after bogus vendors defrauded buyers on its website, prompting CEO Jonathan Lu to toughen screening.
"The state of the business is deteriorating," said Jiong Shao, head of Internet research at Macquarie Group in Hong Kong. Alibaba.com will lose more customers this year, he said.
Net income fell to 386 million yuan (US$61 million) in the fourth quarter of 2011 from 410 million yuan a year earlier, Alibaba.com said in a statement yesterday. That compared with the 432 million yuan average of five analysts' estimates compiled by Bloomberg News. Sales rose to 1.7 billion yuan from 1.5 billion yuan.
Fewer exporters are paying the Hangzhou-based company to set up online accounts after bogus vendors defrauded buyers on its website, prompting CEO Jonathan Lu to toughen screening.
"The state of the business is deteriorating," said Jiong Shao, head of Internet research at Macquarie Group in Hong Kong. Alibaba.com will lose more customers this year, he said.
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