Chinese e-commerce giant Alibaba Group announced a significant reduction in its profits for the fiscal first quarter.The company reported a profit of 24.2 billion yuan, representing a drop of 29% compared to the same period a year earlier.
Despite the drop in profit, the company's revenue grew 14% year-on-year, reaching 234.2 billion yuan. This increase was mainly driven by the performance of the trade segment in China, which recorded a growth of 12% in revenue.
Alibaba Group CEO Eddie Wu commented on the results, highlighting the resilience of the business in a challenging macroeconomic environment.He emphasized the company's focus on improving operational efficiency and cost structure.
The company also announced changes to its organizational structure, with the appointment of a new CEO for the domestic trade unit Taobao and Tmall Group.
These results reflect the challenges faced by Alibaba in an increasingly competitive market and amid an uncertain global economy.
With MSN information
