HONG KONG/NEW YORK — With the coronavirus pandemic weighing down operations and investments, Alibaba Group Holding has reported its first quarterly profit decline since 2016.
Revenue in what Chief Financial Officer Maggie Wu called “a challenging quarter” rose 22.3% in the quarter to March 31 to 114.31 billion yuan ($16.08 billion) from a year earlier. That was slightly above the market consensus of 107 billion yuan, as surveyed by Refinitiv, but represented the slowest growth in at least four years.
The company reported net income of 348 million yuan during the same period, a decline of 98.5%. Operating income fell