Alibaba’s sales during the fourth quarter of its fiscal year, which concluded in March, exceeded expectations, despite a steep decline in the company’s net profit.
This is Alibaba’s performance during the March quarter in comparison to the LSEG consensus estimates: Revenue: $221.9 billion (around $30.7 billion) in China, as opposed to the estimated $209.66 billion.
The net income that can be attributed to common stockholders was 3.3 billion yuan, representing an 86% decrease from the previous year. In pre-market trading in the US, Alibaba’s shares decreased by about 3%.
After implementing the biggest corporate structure change ever, Alibaba has a difficult year in 2023. In September, corporate veteran Eddie Wu assumed the role of chief executive, and it also separately carried out a number of high-profile managerial changes.
Source (CNBC)
