Alibabas losses soared 140 in the fiscal fourth quarter due
Software

Alibaba’s losses soared 140% in the fiscal fourth quarter due to the COVID-19 pandemic

The Chinese e-commerce giant Alibaba informed Results for the fourth quarter of fiscal 2022 ended March 31, 2022. Alibaba ended the last three months of the past fiscal year with a loss of $2.9 billion, up 140% from the loss the company posted in the same quarter last year had suffered.

    Image source: Alibaba

Image source: Alibaba

Keep in mind that the company’s losses at the time were due to a record $2.8 billion fine sued Alibaba by the country’s state market regulator (SAMR) for abusing its dominant position in the online retail platform services market in China.

Alibaba CEO Daniel Zhang informed During the company’s earnings report, that the results of the quarter were heavily impacted by a new wave of COVID-19 in China and the subsequent implementation of strict quarantine measures by the government in several regions of the country.

Still, after the fiscal year results, the company made a profit of $7.4 billion, down 67% from the previous fiscal year. The company’s revenue rose 19% to $134.567 billion, notably China’s commercial segment revenue grew 18% year-on-year to $93.497 billion, a cloud segment grew 23% year-on-year to $11.763 billion. US Dollars, a segment of international trade – up 25% to US$9.635 billion.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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