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Alibaba earnings down as China tech giants face turmoil, Companies & Markets News & Top Stories

August 4, 2021
Source: straitstimes.com straitstimes.com
News Snapshot:
SHANGHAI (AFP) - Chinese e-commerce leader Alibaba Group said 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 (S$9.4 billion), 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 US$2.78 billion for anti-competitive practices,...
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