Shanghai, Aug 3 (UrduPoint / Pakistan Point News - 3rd Aug, 2021 ) :Chinese e-commerce leader Alibaba Group Tuesday said that it posted lower profit but maintained steady revenue growth, indicating that a government crackdown on the country's tech giants was having little impact on its core business.
Alibaba said its net income in the April-June quarter came in at 45.1 billionYuan ($7 billion), down five percent on-year.
The Hangzhou-based company was the first of China's tech champions to feel the wrath of a government that has become concerned over their rapid growth and data security.
In April, regulators fined Alibaba a record $2.78 billion for anti-competitive practises, dragging the company to a rare operating loss in the January-March quarter.
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