Covid-19 hits Alibaba's profit, posts 88 percent decline

Alibaba Group Holding Limited reported revenue of 114,314 million Chinese yuan (16,144 million dollars), an increase of 22 percent year-over-year for the quarter ended March 31, 2020. However, the group’s net income attributable to ordinary shareholders was 3,162 million Chinese yuan (447 million dollars), a decrease of 88 percent and net income was 348 million Chinese yuan (49 million dollars), a decrease of 99 percent year-over year. The company’s diluted earnings per share were 0.14 Chinese yuan (2 cents or 0.15 Hong Kong dollar) and non-GAAP diluted earnings per share were 1.15 Chinese yuan (16 cents or 1.26 Hong Kong dollar), an increase of 7 percent.