Alibaba profit tumbles, but revenue surprises despite virus
Alibaba's dominant position in e-commerce means its results are closely watched as a barometer of overall consumer sentiment (AFP Photo/YE AUNG THU)/ Chinese e-commerce leader Alibaba said Friday its net profit fell 88 percent in the first quarter of the year, but revenue beat analyst forecasts despite the disruptions caused by the coronavirus. The Hangzhou-based company said net profit fell to 3.16 billion yuan ($447 million) in January-March, compared to 25.83 billion yuan over the same period last year. But company officials expressed ...
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