FOx NEWS

 Alibaba's stock drops 7% following the Chinese tech giant's 86% earnings decline.

Alibaba announced that it is developing a competitor to ChatGPT, the AI chatbot that has garnered global attention. Alibaba stated that internal testing is presently taking place for its own product.
Kuang Da | Getty Images | Visual China Group

Alibaba's stock plummeted on Tuesday following a steep decline in the Chinese internet giant's net profit during the fourth quarter of its fiscal year.
In comparison to LSEG consensus estimates, Alibaba performed as follows in the March quarter:
Revenue: 221.9 billion yuan ($30.7 billion) as opposed to the anticipated 219.66 billion yuan.
At 3.3 billion yuan, net income attributable to common shareholders represented an 86% decrease over the previous year.
Alibaba's stock had dropped about 7% by lunchtime New York time.

2023 was a difficult year for Alibaba as it undertook the biggest restructuring of its organisational structure to date. It also carried out a number of high-profile management changes on its own, with industry veteran Eddie Wu becoming CEO in September.
The Chinese internet giant announced earlier this year that it was expanding its share buyback programme by $25 billion through the end of March 2027 in an effort to reassure investors.

Alibaba has been struggling with China's cautious consumer spending, but in the March quarter, the company's primary e-commerce division showed some indications of recovery.
During a domestic slump, the Hangzhou-based company has been stepping up its international expansion as low-cost competitors l ike PDD have become more formidable.

2023 was a difficult year for Alibaba as it undertook the biggest restructuring of its organisational structure to date. It also carried out a number of high-profile management changes on its own, with industry veteran Eddie Wu becoming CEO in September.
The Chinese internet giant announced earlier this year that it was expanding its share buyback programme by $25 billion through the end of March 2027 in an effort to reassure investors.
Alibaba has been struggling with China's cautious consumer spending, but in the March quarter, the company's primary e-commerce division showed some indications of recovery.
During a domestic slump, the Hangzhou-based company has been stepping up its international expansion as low-cost competitors like PDD have become more formidable.