The Strategist

Alibaba's net profit falls for the financial year



05/27/2022 - 10:31



Alibaba's net profit for fiscal year 2021-2022, which ended March 31, fell by 67 percent to $7.427 billion, according to the company’s press statement.



Andy Mitchell
Andy Mitchell
For the period, diluted earnings per ordinary share were $0.45, down from $1.02 a year earlier. Meanwhile, Alibaba's revenue was $134.567 billion, up 19% from the previous fiscal year.

The corporation lost $2.562 billion in the fourth quarter of the fiscal year, compared to $836 million the year before. The diluted loss per common share was $0.12, up from $0.11 in the previous fiscal quarter. In the reporting period, revenue increased by 9% to $32.188 billion. The loss in the fourth quarter was mostly due to a drop in the share prices of the firms it invested in, according to the company.

"This quarter, we did exceptionally well... Our ongoing investment in strategic initiatives has yielded encouraging results in terms of revenue and operational efficiency," Alibaba Group Chief Financial Officer Toby Xu said.

source: reuters.com

 




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