Alibaba’s Profit Tanks With Investment Loss, but China Consumption Is Solid [Video]

Alibaba Group Holding Ltd.’s fourth quarter profit fell 88% from the same period a year ago after the coronavirus pandemic affected the value of the Chinese e-commerce giant’s public investments.

Alibaba, China’s most valuable technology company, reported net income of 3.16 billion yuan ($447 million) for the quarter ended in March. The decline was mainly because of a net investment loss of $1.09 billion as the pandemic weighed on stock markets and dented the value of Alibaba’s equity investments, the company said Friday….

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