Alibaba Quarterly Profits Slide to $3.3 Billion as Entertainment Unit Returns to Loss
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variety.comPatrick Frater Asia Bureau Chief Alibaba Group, China’s e-commerce and entertainment giant, saw net profits fall by 27% in the April-June period, which represents the first quarter of its April to March financial year.
On Thursday, the company which has share listings in New York an Hong Kong, reported revenue of RMB243 billion ($33.4 billion), a 4% year-over-year increase.
Net income for the three months dropped to RMB24 billion ($3.31 billion), due to lower profits from operations and increased impairments attributed to its investments.
Using the group’s preferred non-GAAP presentation, net income was $5.60 billion, a decrease of just 9% compared with the same quarter of last year.
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