Alibaba earnings down as China tech giants face turmoil | The Guardian Nigeria News - Nigeria and World News

📆 04.08.2021 03:26:00
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Chinese e-commerce leader Alibaba Group said Tuesday that it posted lower profit but maintained steady revenue growth, indicating that a government crackdown on the country's tech giants was having little impact on its core business.

A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China May 16, 2019. REUTERS/Jason Lee

In April, regulators fined Alibaba a record $2.78 billion for anti-competitive practises, dragging the company to a rare operating loss in the January-March quarter. The moves echo a global pushback against the increasing clout of Big Tech that has Facebook, Google and others also facing scrutiny at home and abroad.

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