Fox Business contributor John Solomon discusses Chinese companies taking advantage of an Obama-era stock market deal.
Alibaba Group profit sank 88 percent from a year ago as investments in other publicly traded companies soured.
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The Hangzhou, China-based e-commerce provider earned 3.16 billion Chinese yuan ($447 million), or an adjusted 1.15 yuan per share (16 cents) as revenue rose 22 percent from a year ago to 114.3 billion yuan ($16.14 billion). Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of 6.10 yuan a share on revenue of 107.04 billion yuan.
Alibaba said the decline was driven by an investment loss of $1.09 billion in the period, compared with a net gain the year before.
“Our overall business continued to experience strong growth, with a total annual active consumer base of 960 million globally, despite concluding the fiscal year with a quarter impacted by the effects of the COVID-19 pandemic,” CEO Daniel Zhang said in a statement.
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