FILE - The logo of Chinese technology firm Alibaba is seen at its office in Beijing, Aug. 10, 2021. Chinese e-commerce company Alibaba Group Holding on Tuesday, May 14, 2024, posted a greater-than-expected decline in profit for the fourth quarter due to its equity investments, sending its stock price plunging in New York.
Revenue however beat estimates and was up 7% to 221.8 billion yuan , as the company in recent months refocused its efforts to grow its e-commerce business amid growing competition from rivals such as Pinduoduo and Douyin as well as a slowing Chinese economy. Quarterly revenue for its e-commerce platforms Taobao and Tmall grew 4% compared to the same time last year.
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