Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed.
Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country's
Net income for the period stood at 71.3 billion yuan, up nine percent year-on-year, the statement also showed. But Beijing has signalled recently that the period of intense regulatory scrutiny is winding down, as new headwinds threaten to drag on the world's second-largest Uncertainty about Alibaba's future development has persisted ever since top leaders in Beijing scuttled a planned IPO of its financial services arm, Ant Group, in late 2020.
Zhang has since been replaced by Joseph Tsai as chairman and Eddie Wu as CEO. Both positions were held by Zhang prior to the reshuffle. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
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