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 record $2.78 billion for anti-competitive practices, dragging the company to a rare operating loss in the January-March quarter. Since then, the government has taken a number of other measures against major Chinese digital players, sending their share prices tumbling. But through it all, Alibaba’s revenues remained solid as China’s economy has weathered the global pandemic well, with company executives saying it had even helped fuel online shopping. Alibaba revenue, the vast majority of which comes from its core e-commerce platforms, increased 34 per cent on-year to $31.9 billion, according to the company. Still, that fell… 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 record $2.78 billion for anti-competitive practices, dragging the company to a rare operating loss in the January-March quarter. Since then, the government has taken a number of other measures against major Chinese digital players, sending their share prices tumbling. But through it all, Alibaba’s revenues remained solid as China’s economy has weathered the global pandemic well, with company executives saying it had even helped fuel online shopping. Alibaba revenue, the vast majority of which comes from its core e-commerce platforms, increased 34 per cent on-year to $31.9 billion, according to the company. Still, that fell…
