, author: Ermakova M.

Alibaba Group Announces Quarter End with $2.9B Net Loss

The company did not have time to recover from government measures that slowed down the development of the entire technology sector.

Chinese tech and entertainment giant Alibaba posted a net loss of $2.89 billion in the three months July to September, compared to a profit of $3.16 billion in the same period last year.

Revenue in local currency increased by 3% to 207 billion yuan. US dollar-denominated revenue appears to have dropped from $31.1 billion to $29.1 billion.

Alibaba said the move from a profit to a loss was primarily due to “increasing net losses driven by declining market prices for equity investments in publicly traded companies and a declining proportion of the results of equity investees.” Most of these downgradings are attributable to the controversial financial unit Ant Financial.

Earlier, Yandex.Market agreed to buy out all remaining goods from IKEA warehouses in Russia.

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