Chinese e-commerce giant Alibaba Group has reported its first year-on-year decline in quarterly revenue since the firm went public in New York in 2014. It ascribed the result mainly to the coronavirus resurgence and anti-infection restrictions.
Alibaba said on Thursday that its revenue for the April-June quarter was 205.6 billion yuan, or some 30.7 billion dollars, about 0.1 percent less than for the same period last year.
Alibaba's online shopping business in China floundered as logistics and supply chains were plunged into disarray during more than two months of coronavirus lockdowns in Shanghai.
Alibaba's net income attributable to ordinary shareholders halved to around 3.4 billion dollars.
Analysts say China's economy is slowing as the spread of the coronavirus and rigorous anti-infection measures have dampened personal spending.
Alibaba said on Thursday that its revenue for the April-June quarter was 205.6 billion yuan, or some 30.7 billion dollars, about 0.1 percent less than for the same period last year.
Alibaba's online shopping business in China floundered as logistics and supply chains were plunged into disarray during more than two months of coronavirus lockdowns in Shanghai.
Alibaba's net income attributable to ordinary shareholders halved to around 3.4 billion dollars.
Analysts say China's economy is slowing as the spread of the coronavirus and rigorous anti-infection measures have dampened personal spending.
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Summary
Alibaba Group reports first quarterly revenue decline since IPO in 2014, attributed to COVID-19 resurgence and restrictions. Q2 revenue was 205.6 billion yuan ($30.7B), a 0.1% drop YoY. The firm's Chinese online shopping business struggled due to lockdown disruptions in Shanghai. Net income halved
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ID: 62ec8507-618c-44d9-a11b-4dcbc0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220805_01/
Date: Aug. 5, 2022
Created: 2022/08/05 11:48
Updated: 2025/12/09 14:32
Last Read: 2022/08/05 11:48