Alibaba Pushes Cost Cuts as Revenue Growth Remains Sluggish
- China’s tech giants face an uncertain post-pandemic future
- Companies battling it out as China’s economy slowly recovers
Alibaba Group Holding Ltd. is pushing aggressive cost-cutting to boost profit as growth in its domestic China market remains anemic, a conservative shift for a tech giant that once spent aggressively to dominate wide swaths of the economy.
The online retailer reported net income rose a better-than-anticipated 69% to 46.8 billion yuan ($6.8 billion), but revenue rose just 2.1% to 247.76 billion yuan in the December quarter, slightly ahead of projections. Alibaba’s shares closed down slightly after climbing 6% in early New York trading.
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Alibaba Pushes Cost Cuts as Revenue Growth Remains Sluggish