CEO Daniel Zhang said on an earnings call that consumption demand was weak, and the resurgence of COVID-19 “affected one area after another, resulting in abnormal or suspended logistics service in different places”.Excluding one-off items, Alibaba earned 12.92 yuan per American Depository Share, beating estimates of 11.62 yuan per share profit.The current quarter has also been gloomy.
Speaking to investors on the call, Zhang said that roughly 15 percent of places in China experienced abnormal logistics and delivery services due to COVID-19 protocols, which affected performance over the shopping festival. The unusually warm weather for the season also affected apparel purchases. Alibaba’s financial affiliate, Ant Group, is still undergoing a government-mandated revamp and has yet to revive plans for its public market debut after its $37 billion attempt at a dual listing was derailed at the last minute in late 2020.Ant, which is 33 percent owned by Alibaba, logged a profit of 7.72 billion yuan for the quarter ending in June, down 63.2 percent year-on-year. Alibaba reports its profit from Ant group one quarter in arrears.
Alibaba said it will not complete its primary conversion of shares to the Hong Kong Stock Exchange by the end of 2022 as originally announced in August.
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