Alibaba suffered slowing growth in its core business in the final quarter of 2020 as Jack Ma’s internet shopping empire faced a tightening regulatory outlook, reported the Financial Times.
Alibaba’s total revenue rose 37% year-on-year to RMB 221.1 billion ($34.2 billion) in the quarter, ahead of analysts’ estimates, but was boosted by the inclusion of sales from Sun Art, the supermarket chain it bought in October.
Stripping out Sun Art’s contribution, revenues grew 27% year on year in the quarter, the slowest pace since its IPO in 2014, excluding the first quarter of last year, which was heavily disrupted by coronavirus, said the FT.
Alibaba’s income from operations, which excludes its gains from investments, rose 24% from a year earlier to RMB 49 billion.
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