By Liza Lin and Allison Prang
Alibaba Group Holding Ltd.'s fourth-quarter profit fell 88% from the same period a year ago as the coronavirus outbreak disrupted the Chinese e-commerce giant's supply chains and dampened its ability to deliver packages.
Alibaba, China's most valuable technology company, reported net income attributable to ordinary shareholders of 3.16 billion yuan ($447 million) for the quarter ending in March. The company said the fall in profit was mainly because of a net investment loss. A year earlier, Alibaba had a net investment gain.
Earnings per American depository share were 1.16 yuan (16 cents) a share compared with 9.84 yuan a share year earlier. On an adjusted basis, earnings per American depository share were 9.20 yuan. Analysts expected 6.05 yuan a share
Revenue rose 22%, to 114.31 billion yuan, exceeding the expectations of analysts polled by FactSet. The company also said it expects revenue to top 650 billion yuan this fiscal year. Analysts are expecting 658.85 billion.
"Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said.
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