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Alibaba Quarterly Profits Hit $9 Billion Despite Regulatory Woes

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variety.com
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Patrick Frater Asia Bureau ChiefE-commerce and entertainment giant Alibaba said that the Chinese government’s increasingly negative attitude towards big tech is giving it near term problems.

But the company was able to deliver huge profits of more than $9 billion in the three months to December.In the period, which represents the third quarter of its financial year, Alibaba’s revenue was RMB221 billion ($33.9 billion), an increase of 37% year-over-year.

The company uses multiple measures of profitability. Net income was RMB78.0 billion ($11.95 billion), while a non-GAAP calculation showed net income at RMB59.2 billion ($9.07 billion), an increase of 27% year-over-year.

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