The Strategist

Alibaba's net profit down 37 per cent

02/24/2023 - 04:43

Alibaba's net earnings decreased by 37% in the first three quarters of the fiscal year.

hinglish Notes
hinglish Notes
According to a press statement from the company, the net profit of China's biggest Internet company, Alibaba Group Holding for the first three quarters of the current fiscal year ended December 31 decreased 37 percent year over year to $7.103 billion.

After being $0.51 in the same period a year prior, diluted profits per common share were $0.33 this time. Alibaba reported revenue of $95.762 billion, an increase of 2% from the same time last year.

In the third quarter of its fiscal year, the company's net earnings grew 1.7 times from the previous year to $6.788 billion. In the reporting period, revenue increased 2% to $35.921 billion (or 247.756 billion yuan, against an estimate of 245.18 billion yuan).