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Tech giant Alibaba's quarterly profit shrinks 29 percent on-year

Chinese e-commerce giant Alibaba reported a 29 percent fall in quarterly profit on Thursday as it battles sluggish consumption during an economic slowdown.

15 August 2024, MVT 19:12
(FILES) A woman walks past an Alibaba sign outside the company's office in Beijing on April 13, 2021. Chinese e-commerce giant Alibaba reported a 29 percent fall in quarterly profit on August 15, 2024, as it battles sluggish consumption during an economic slowdown. (Photo by GREG BAKER / AFP)
15 August 2024, MVT 19:12

Chinese e-commerce giant Alibaba reported a 29 percent fall in quarterly profit on Thursday as it battles sluggish consumption during an economic slowdown.

The company's net income attributable to shareholders came in at 24.3 billion yuan ($3.3 billion) in the quarter ending June 30, Alibaba said in its filing, down from 34.3 billion yuan in the same period in 2023.

Alibaba runs some of China's most popular e-commerce apps and its performance is widely considered an indicator of broader economic trends.

China released another series of disappointing indicators on Thursday, despite recent government measures to boost growth.

Alibaba's revenue for the first quarter was 243.2 billion yuan, up 4 percent from the previous year.

The firm's results contrast starkly with rival shopping app operator JD.com, which announced a whopping 92.1 percent increase in profit for the past quarter.

© Agence France-Presse

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