Chinese e-commerce giant Alibaba said Thursday its profit fell 59 percent in the last fiscal year, this is very unfortunate but of course we understand that these companies are bound to repeat and keep going forward this is just one of those cases.
Joining other tech firms that reported lacklustre results while grappling with Covid-19 restrictions and a sector crackdown, we can take comfort in knowing that the chief executive officer is not even worried about the minor deaf in market value because we know that he's someone who is very powerful and is made in a lot of money through this company.
Alibaba has also had to contend with heightened competition and a wide-ranging regulatory crackdown on alleged anti-competitive practices by China's tech giants, recently we have seen a lot of these activities being conducted but they are not something that the world should be worried about because everyone experience some fluctuations in market value during a covid-19.
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