Price Pressure Reduces Alibaba's Second Quarter Profit

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Price Pressure Reduces Alibaba's Second Quarter Profit
Photo: Ng Han Guan/AP/TT

Chinese e-commerce giant Alibaba made an operating profit of 35 billion yuan, equivalent to 46 billion kronor, during the second quarter. It was three percent lower than the same period last year and also worse than the expectations of stock analysts.

Price pressure on food deliveries from competitors such as Meituan and JD lowered the profit margins.

Revenues increased by two percent to 247.7 billion yuan.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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