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Alibaba earnings down as China tech giants face turmoil

August 4, 2021
Source: rassegnastampa.news rassegnastampa.news
News Snapshot:
Alibaba earnings down as China tech giants face turmoil Chinese e-commerce leader Alibaba Group said on Tuesday that it posted lower profit but maintained steady revenue growth, indicating that a government crackdown on the country’s tech giants was having little impact on its core business. Alibaba said its net income in the April-June quarter came in at 45.1 billion yuan (€5.9bn), down five per cent on-year. The Hangzhou-based company was the first of China’s tech champions to feel the wrath of a government that has become concerned over their rapid growth and data security. In April, regulators fined Alibaba a...
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Tags: Alibaba | Business | China | Chinese | crackdown | currency | data | digital | e-commerce | Economy | government | Hangzhou | IT | loss | online | online shopping | Pandemic | profit | Renminbi | revenue | Security | share | shopping | technology | Yuan

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