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Alibaba's revenue lowest since 2016

  • Regular
  • Economy
  • 5 months ago
  • 86

Chinese e-commerce giant Alibaba’s revenue decreased to its lowest figures since 2016 due to the ongoing trad spat between Washington and Beijing and the slowing of China’s economy.

Nevertheless, net income for the second most-valuable company in Asia increased by 33% to 30.96 billion yuan, or $4.6 billion while third quarter revenue amounted to 117.28 billion yuan, or $17.47 billion which crushed the previous year’s figure of 83 billion yuan, which would amount to $12.3 billion.

However, the figure does not quite match the analyst’s 118 billion yuan which was forecasted, clearly Alibaba got wind of this as it reduced the revenue for the end of the financial year in March.

With that being said, there is no avoiding the issue of the trade war between the U.S. and China, which Alibaba’s founder Jack Ma described as the “most stupid thing in the world”.

 

Source: Smart Trend Team