Chinese giant Alibaba posts 2021 profit down nearly 60%

The Chinese e-commerce giant Alibaba announced Thursday for 2021 a 59% drop over one year in its net profit, against a backdrop of an economic slowdown in China and regulatory tightening in the technology sector.

In the last quarter of its staggered financial year, the group also accuses some 2.3 billion euros of losses, which it puts on the account of the “epidemic resurgence in China, in particular in Shanghai”.