Alibaba’s financial results for the period from April to June reflect the situation of its American rival Amazon, Reuters reported. Both companies paid for the release of anti-pandemic measures, which shifted the interest of shoppers from the Internet to stone branches.
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Alibaba’s network sales rose 35 percent to 180.24 billion yuan. Analysts estimated revenues from this part of the business at 184.23 billion and total revenues at 209.39 billion yuan. Profit in the same period last year reached 47.59 billion yuan.
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Alibaba and its financial subsidiary Ant Group have been in the sights of the Beijing authorities since the end of last year, when Alibaba founder Jack Ma sharply criticized the Chinese regulatory system.
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The company was fined 18 billion yuan (approximately CZK 60 billion) in the spring for abusing its dominant market position and violating antitrust rules.
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In May, Alibaba predicted revenue growth of at least 30 percent in the 12 months to the end of March. This would be a slowdown compared to the previous financial year, when growth was 41 percent.
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According to an eMarketer report from July 30, this suggests that Alibaba’s share of Chinese Internet sales would fall below 50 percent for the first time this year.
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