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Alibaba Reports Flat Revenue But Beats Market Estimates

By
Juro Osawa
· · Source: The Information

Chinese e-commerce giant Alibaba Group said its revenue for the quarter through June was flat from a year earlier, as Shanghai’s Covid-19 lockdown in April and May dealt a serious blow to its business. But even so, the revenue was better than analysts’ expectations. Alibaba’s net profit for the quarter dropped 50%, while operating profit declined 19%. Revenue from core China commerce...

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