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.
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