Alibaba profit slumps nearly 60% as tech crackdown, Covid bite

Beijing (AFP) May 26, 2022

Chinese e-commerce giant Alibaba said Thursday its profit fell 59 percent in the last fiscal year, joining other tech firms that reported lacklustre results while grappling with Covid-19 restrictions and a sector crackdown. China's economy has been battered by the fallout from strict Covid curbs including lockdowns and transport restrictions that have kept consumers home, pushed up unemploym