Alibaba's Profits Drop 88% Amid Coronavirus Pandemic

Net income dropped 99% year-over-year.

Tech & Gadgets 
10,745 Hypes 1 Comments

China’s Alibaba Group has just announced its financial results, much of which has been negatively impacted by the ongoing coronavirus pandemic.

While the company reported a revenue of roughly $16.14 billion USD over the last quarter — an increase of 22 percent year-over-year — its net income attributable to ordinary shareholders was only at $447 million USD, marking a massive 88 percent decrease. Even more significantly, its overall net income was just $49 million USD, a decrease of a staggering 99 percent year-over-year. These results come despite an increase in annual active consumers for its Chinese retail marketplaces by 15 million over the past year, now hitting 726 million, as well as an increase in monthly active users on its mobile platforms by 22 million over December 2019, reaching 846 million as of March 2020.

“Alibaba achieved the historic milestone of 1 trillion dollars in GMV across our digital economy this fiscal year,” said Daniel Zhang, chairman and CEO of Alibaba Group. “Our overall business continued to experience strong growth, with a total annual active consumer base of 960 million globally, despite concluding the fiscal year with a quarter impacted by the economic effects of the Covid-19 pandemic.”

In other business-related news, Macy’s is expecting a $1 billion USD loss as a result of COVID-19.

Read Full Article

What to Read Next

Burberry Cancels Dividend as Sales Plunge 27 Percent
Fashion 

Burberry Cancels Dividend as Sales Plunge 27 Percent

The luxury brand is taking “time to heal.”

Tesla Adds Bethesda's 'Fallout Shelter' to In-Car Video Game System
Entertainment

Tesla Adds Bethesda's 'Fallout Shelter' to In-Car Video Game System

Joining a list of games drivers can play once the vehicle is parked.

Virgil Abloh and Jacob & Co. Unveil New "Office Supplies" Jewelry
Fashion

Virgil Abloh and Jacob & Co. Unveil New "Office Supplies" Jewelry

Regular paperclips are reimagined into 18k gold bracelets and earrings.

Louise Bourgeois, Lee Krasner and Other Female Artists to Lead Sotheby's Evening Auction
Art

Louise Bourgeois, Lee Krasner and Other Female Artists to Lead Sotheby's Evening Auction

From Ginny Williams’ extensive collection of Abstract Expressionist and Contemporary art.

Burger King Is Handing out Massive Paper Crowns to Ensure Customers Stay Six Feet Apart
Food & Beverage

Burger King Is Handing out Massive Paper Crowns to Ensure Customers Stay Six Feet Apart

A creative way to encourage social distancing as dine-in services reopen.


Photographs of Kurt Cobain, Kendrick Lamar and More Included in Charity Fundraiser
Art

Photographs of Kurt Cobain, Kendrick Lamar and More Included in Charity Fundraiser

All proceeds will support New Yorkers living with severe and chronic illnesses amid COVID-19.

Saint Laurent Unveils Glittery Court Classic Sneaker in Patriotic Colorway
Footwear

Saint Laurent Unveils Glittery Court Classic Sneaker in Patriotic Colorway

An American-themed footwear option for Memorial Day weekend.

GU and STUDIO SEVEN Offer Expansive "NEVER ENDING DREAMS" Collaboration
Fashion

GU and STUDIO SEVEN Offer Expansive "NEVER ENDING DREAMS" Collaboration

Comprised of matching work shirts and shorts and reconstructed two-tone T-shirts.

Young M.A Drops Seven New Cuts on 'Red Flu' EP
Music

Young M.A Drops Seven New Cuts on 'Red Flu' EP

Her first batch of new music since 2019’s ‘Herstory in the Making.’

Nike Adds Patchwork to the Drop-Type Mid and HBR
Footwear

Nike Adds Patchwork to the Drop-Type Mid and HBR

Offering a DIY feel.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.