Alibaba profit falls 88% in first quarter

Alibaba Executive Chairperson Jack Ma. (Photo: Kirill Kudryavtsev, AFP)
Alibaba Executive Chairperson Jack Ma. (Photo: Kirill Kudryavtsev, AFP)

Chinese e-commerce leader Alibaba said Friday its net profit fell 88%in the first quarter of the year.

but revenue beat analyst forecasts despite the disruptions caused by the coronavirus.

The Hangzhou-based company said net profit fell to 3.16 billion yuan (R7.8 billion) in January-March, compared to 25.83 billion yuan (R64 billion) over the same period last year.

Alibaba founder Jack Ma previously pledged a donation of medical equipment, including 1.5 million laboratory kits, to member states of the African Union, Fin24 reported in March.

ZAR/USD
16.55
(+0.78)
ZAR/GBP
20.92
(+0.37)
ZAR/EUR
18.93
(+0.67)
ZAR/AUD
11.62
(+0.40)
ZAR/JPY
0.16
(+0.47)
Gold
1807.86
(-0.06)
Silver
19.25
(-0.03)
Platinum
830.00
(+0.18)
Brent Crude
43.06
(+0.42)
Palladium
1963.00
(+0.31)
All Share
56374.05
(+1.52)
Top 40
52048.69
(+1.59)
Financial 15
10697.88
(+1.61)
Industrial 25
76413.30
(+1.19)
Resource 10
54358.32
(+2.14)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2174 votes
I am taking a hit, but should be able to recover in the next year
23% - 2775 votes
My finances have been devastated
35% - 4201 votes
It's still too early to know what the full effect will be
25% - 3016 votes
Vote