Alibaba-Backed South China Morning Post Saw Revenue Drop 50% in First Quarter

South China Morning Post, the Hong Kong newspaper backed by Alibaba Group Holding Ltd., saw its revenue plunge by half in the first quarter as advertisers cut budgets amid months of social unrest and the coronavirus pandemic.

As early as mid-summer, advertising sales may begin to recover as the pandemic eases in Hong Kong, Gary Liu, the paper’s chief executive officer, said in an interview. The publication, which said in April it would cut jobs, lower executives’ salaries and ask some workers to take unpaid leave, has no plans for more such moves, Liu said.