The Strategist

Alibaba's net profit in the first half of fiscal year falls almost 20-fold

11/18/2022 - 02:32

According to a press release from the firm, the net profit of the largest Chinese Internet company, Alibaba Group Holding, for the first half of fiscal year 2022–2023 (ending September 30) decreased by more than 20 times in annual terms to $ 306 million.

The Pop Culture Geek via flickr
The Pop Culture Geek via flickr
Comparatively, diluted earnings per share decreased from 2.3 yuan ($0.36) to 0.1 yuan ($0.01) last year.

In the meantime, total income for the time period increased by 1.6% annually to $58.021 billion.

The business reported a net loss of $2.89 billion during the second quarter of its fiscal year; a year prior, it had reported a net profit of $833 million.

Compared to a profit of 0.25 yuan a year earlier, the diluted loss was 0.97 yuan ($0.14) per share. For the quarter, Alibaba's overall revenue increased by 3.2%.