Olympic Games provide international platform for Group’s cloud computing and AI capabilities.
BABA: What to expect from BABA stock price after earnings report? Detailed analysis!
Alibaba Group, the Chinese e-commerce and entertainment giant, saw net profit fall 27% in the April-June period, the first quarter of its April-March fiscal year.
On Thursday, the New York and Hong Kong-listed company reported revenue of RMB243 billion ($33.4 billion), up 4 percent year-on-year. Net profit for the three months fell to RMB24 billion ($3.31 billion), due to lower operating profits and increased impairments attributed to investments. Using the group's preferred presentation, net profit was $5.60 billion, down just 9 percent from the same quarter last year.
The group has abandoned its planned split into separately financed companies and will instead remain a conglomerate with six divisions. Management said it had focused on stabilizing the market share of its Taobao and Tmall marketplaces and expanding the scale of its cloud computing business.
