From Nasdaq: 2024-07-30 08:00:00

striking distance of its multi-year low.

Alibaba Group Holding reported a 38% increase in revenue to $242.56 billion for the fiscal year ending in March. However, net income fell by 84% to $5.16 billion due to antitrust fines and a record $2.78 billion fine from Chinese regulators for alleged monopolistic practices.

The Chinese e-commerce giant is also facing increased scrutiny and regulation from Chinese authorities, with CEO Daniel Zhang acknowledging challenges ahead due to changing regulations and a more challenging business environment. The company’s cloud computing business, which has been a key growth driver, is also facing increased competition.

Alibaba Group Holding is taking steps to address these challenges, including investing heavily in new initiatives like the creation of a new company focusing on strategic investment and a “mandatory technology pledge” for all new employees. Despite these efforts, uncertainty remains around the company’s future performance and regulatory environment in China.



Read more at Nasdaq: Alibaba: Buy, Sell, or Hold?