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Alibaba’s Annual Profit Growth Flattened by Anti-Trust Fine
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variety.comPatrick Frater Asia Bureau ChiefProfits growth at Alibaba was stunted by a $2.78 billion fine for monopoly practices. But the Chinese e-commerce and entertainment giant nevertheless managed to achieve net income of $22.9 billion in its fiscal year to March 2021.Aside from the fine, the company’s numbers reflect the strong post-COVID recovery of the Chinese economy and the economy’s shift to digital services.Year-on-year revenue hit $717 billion ($109 billion), compared with RMB509 billion in the year to March 2020, an increase of 41%, or 32% if the impact of acquisitions is excluded.
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