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Alibaba Q2 net drops after fine
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Chinese e-commerce leader Alibaba Group yesterday posted lower profit but maintained steady revenue growth, with net income in the April-June quarter of 45.1 billion yuan (US$7 billion), down 5 percent on-year.
In April, regulators fined Alibaba a record US$2.78 billion for anti-competitive practises.
That dragged the online giant to a rare operating loss in the January-March quarter.
Since then, the government has taken a number of other measures against major Chinese digital players, sending their share prices tumbling.
But through it all, Alibaba鈥檚 revenues remained solid as China鈥檚 economy has weathered the global pandemic well, with company executives saying it had even helped fuel online shopping.
Alibaba鈥檚 revenue, the vast majority of which comes from its core e-commerce platforms, increased 34 percent on-year to US$31.9 billion, according.
That fell short of a Bloomberg poll of analysts who had forecast 49 percent growth.
Alibaba blamed the lower net income on strategic investments.
A statement accompanying the earnings announcement made no mention of the tech clampdown.
鈥淲e believe in the growth of the Chinese economy and long-term value creation of Alibaba,鈥 Chairman and CEO Daniel Zhang said.
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