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News Brief: Alibaba’s profits plummeted by 66.3% to 15.63 billion Yuan, disappointing analysts who had anticipated earnings of 290.7 billion Yuan. The company’s stock dropped nearly four percent in pre-market trading.

In a challenging market environment, Alibaba’s aggressive investments in discounts and faster delivery have not yielded the expected results. The ongoing real estate crisis and consumer income concerns have dampened spending among Chinese shoppers, even during the peak shopping season of ‘Singles’ Day.’ As competition in the Chinese e-commerce sector intensifies, Alibaba faces significant challenges alongside rivals like JD.com.

Original Source: www.handelsblatt.com