Alibaba quarterly profit drops, but revenue rises. Chinese e-commerce giant Alibaba Group’s net profit fell 45 per cent in the quarter ended June 30 to US$1.156 billion, compared to US$2 billion in FY17. The decrease was attributed to a one-time share-based compensation expense in its Alipay business, Ant Financial. Excluding this, net profit would have risen 33 per cent. Source: Inside Retail.
Posted in Industry News
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