Profit falls 81% as China cracks down on big tech: Alibaba

November 18, 2021

Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as it grappled with a government crackdown on the country’s big tech champions.Alibaba said profit came in at 5.37 billion yuan ($833 million) for the July-September period, falling from 28.77 billion yuan earned over the same stretch last year.It…

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