E-Commerce Giant Alibaba Experienced a Decline in Net Revenues

Following the completion of the first months of the year, many giant companies from all over the world share their revenues in this process. Now, the Chinese-based e-commerce giant Ali Dadpublished data on its revenues in the first three months of the year.

Alibaba, which is among the largest companies in the world, has recently emerged in China due to the pandemic. your restrictions and the country’s economy your slowdowns then shared its revenues in the March quarter. When the data is examined; however, it was observed that there was a decrease in net income.

Net income decreased by 59%

Alibaba, which is of great importance in e-commerce with its operations in many fields and countries, stated that its income 204.05 billion yuan; that is 32.19 billion dollars announced that it has arrived. It was stated that this number is higher than the analysts’ estimate of 200.6 billion yuan ($29.7 billion). However, this 9% increase, caused by reasons such as domestic trade and cloud technologies, is the reason why the company went public in 2014. slowest increase It was also included in the news.

In addition, it was stated in the statements that the company, which has more than one billion customers, has reached 853.1 billion yuan ($ 126.5 billion) revenue, an increase of 19% in the last year, surpassing the forecasts of analysts. However, financial results showed the company on net income fell to 62 billion yuan ($9.2 billion), which a 59% decline proved to be alive. It was also stated that the company’s shares have lost 31.8% of its value since the beginning of the year.

Additionally, the company’s cloud technologies division reported a profit of 1.1 billion yuan ($163 million) in the January-March quarter. has pioneered reported.

According to the statements, in recent months in China Increasing COVID-19 cases and economic slowdowns to these results caused. The company’s CEO, Daniel Zhang Yong, also stated that the improvement may not occur immediately; but the situation is slowly starting to improve stated that they expect to make progress in these months.