Alibaba Reports Mixed Earnings With Strong Revenue but Plummeting Profits
The Chinese tech giant sees revenue growth amid refocusing efforts, but significant investment losses impact net income.
- Alibaba's quarterly revenue rose 7% to $30.73 billion, beating estimates.
- Net income for the fourth quarter fell 86% due to investment losses.
- The company announced a $4 billion dividend and share buyback program.
- Alibaba's cloud and e-commerce units showed modest growth despite competition.
- Plans for a primary listing in Hong Kong are set to be completed by August.
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