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Tencent Holding

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Alibaba posts 86% loss in revenue, while Tencent builds an empire
May 14th, 2024 - 08:35 GMT

Alibaba profits suffer an 86% decline, while Tencent builds an empire

ALBAWABA - Alibaba Group Holding, a Chinese company, announced an 86 percent slump in its fourth-quarter profit on Tuesday, mostly as a result of changes in stock investment value, according to Reuters, causing its U.S.-listed shares to drop about 6 percent in early trade, despite sales exceeding expectations. Group net income, reported at 3.27 billion yuan ($452 million), a harsh contrast to 23.52 billion yuan ($3.25 billion) from a year ...
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