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China’s Alibaba Grinds Out Small Gains in a Year of U-Turns
Chinese e-commerce and entertainment giant Alibaba managed to deliver small revenue and net profit gains in a year of strategic setbacks.
Alibaba, the Chinese e-commerce and entertainment industry giant, delivered single-figure increases in annual revenue and net profits for the financial year running from April 2023 to March 2024. This followed a period where China’s top tech firms came under extreme pressure from regulators, co-founder Jack Ma went into exile, and competitors in shopping became serious rivals. At the group level, Alibaba took impairment and good will charges against Sun Art, a retail chain that it acquired, and one of $1.2 billion against Youku.
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