Alibaba suffered big losses in 3rd quarter

15:36 - 18.11.2022


November 18, Fineko/abc.az. Chinese e-commerce giant Alibaba has suffered heavy losses.

ABC.AZ reports that the company lost 20.6 bn yuans ($2.89 bn) in the 3rd quarter of this year.

In connection with the loss, the corporation issued a statement. In the company's statement, the loss of money is explained as follows: "Large net losses related to holders of ordinary shares are primarily associated, among other things, with "decrease in market prices for investments in our company's shares".

Meanwhile, in the three months ended September 30, sales increased by 3% compared with the same term of 2021, reaching 207.2 bn yuans, and company's chief financial officer Toby Hu said that despite the impact on consumer demand for new products, this was achieved.

By Elmir Murad

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