BEIJING: Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country’s tech sector are relaxed.
The Hangzhou- based business is one of the biggest players in China’s tech sector, with operations expanding from wholesale to electronic payment, unnatural intelligence, and entertainment.
Alibaba posted profit of 941.2 billion yuan ($ 130.4 billion ) in the fiscal year ending March 31, up 8 percent season- on- time, a statement by the company showed.
The statement likewise showed gross income for the period stood at 71.3 billion renminbi, up 9 percent season- on- year.
Alibaba made the announcement last year that it may form six businesses, each led by its own CEO and board of directors, to go through a major restructuring.
” During fiscal time 2024, we repurchased US$ 12.5 billion of stock and our board of directors has approved a US$ 4.0 billion income for fiscal year 2024″, said Toby Xu, the group’s chief financial officer.
Beijing’s regulatory assault on China’s tech market started in 2020, which was fueled in part by the president’s concerns that a select few companies had accumulated too much power and capital.
Beijing has just indicated that the world’s second-largest market is dragging along as the years of intense regulatory scrutiny come to an end.
