TECH

Alibaba's net profit falls 88% in the fourth quarter, but increases its turnover 

Chinese internet commerce giant Alibaba's profits fell 88% year on year in the fourth quarter of its accounting year (January-March), although it has maintained turnover, amid the coronavirus pandemic.
Net profit was 3.1 billion yuan ($447 million) in the first three months of 2020.
However, the turnover was better than expected by analysts, with an increase of 22% in a year, reaching 114 billion yuan ($16 billion).
The pandemic appeared last year in the city of Wuhan and soon spread to the rest of the world.
"Despite the negative impact of the pandemic on our major domestic businesses since the end of January, we have recovered since March," Chief Financial Officer Maggie Wu said in a company statement.
According to Alibaba President Daniel Zhang ," the pandemic has fundamentally altered consumer behavior and company operations, making digital adaptation and transformation necessary."
The dominant position of this technological giant in e-commerce makes it a company very closely monitored to know the mood of consumers.

AFP