By Patrick Frater Asia Bureau Chief Chinese e-commerce and digital tech giant Alibaba delivered better than expected results for the financial year to March 2020.
Revenue grew by 35% to $72 billion (RMB509 billion). Net profits grew 42% to $19.8 billion, or $18.7 billion when expressed in non-GAAP form.
Alibaba’s digital media and entertainment segment accounted for losses of $1.57 billion (RMB11.1 billion), down from a loss of RMB15.8 billion in the 2018-19 fiscal year.
The improvement was driven by “more disciplined content spending,” by the Youku streaming video platform. The group said that the coronavirus outbreak had increased online entertainment consumption, but had negatively affected Alibaba Pictures’ offline activities. “Tensi
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