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Alibaba Writes Down $1.2 Billion on Youku, Loss-Making Streamer, as Group Profits Plunge
China's Alibaba takes a $1.2 billion write down against Youku, its loss-making video streamer, as the group's quarterly profits take a dive.
Calling the performance “a solid quarter,” new CEO Eddie Wu, said, “Our top priority is to reignite the growth of our core businesses, e-commerce and cloud computing. We will step up investment to improve users’ core experiences to drive growth in Taobao and Tmall Group and strengthen market leadership in the coming year. Alibaba completed its purchase of New York Stock Exchange-listed Youku Tudou(formed from the merger of two smaller streamers) in November 2015 and attributed it a valuation of $5.50 billion at the time.
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