Alibaba Group warned about the strong impact of coronavirus infection on production and consumption in China and around the world. The spread of the disease has led to a sharp change of the behaviour of sellers and consumers. About it reports Bloomberg with reference to the comments of top management of e-Commerce giant after the announcement of the last quarter of 2020.
According to the report of the company for the quarter ended December 2019, its revenue increased by 38% to 161,5 billion yuan (23.1 billion dollars) and net profit grew by 58% (52.3 billion yuan).
Chief Executive officer Daniel Zhang and chief financial officer Maggie Have told reporters on a conference call that because in the fashion industry, many workers are unable to receive orders or to carry out its work. Because infection has changed the behaviors of consumers who abandon purchases, including travel and trips to restaurants.
Subscribe to the channel DELO.UA
“Sales Alibaba can be reduced by its main Chinese retail sites and in local business services in the next quarter, even if the outbreak of coronavirus subside as logistics and production failures encountered by traders, will take time to correct them,” say analysts at Bloomberg Intelligence Wei-Chamois Ling and Tiffany TEM in his blog.