Alibaba quarterly net profit halved, announces CEO change

Chinese e-commerce giant Alibaba said on Thursday its net profit plunged 49 per cent to US$463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense. 

PHOTO: REUTERS

7 May8:06 PM

[PARIS] Chinese e-commerce giant Alibaba said on Thursday its net profit plunged 49 per cent to US$463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense.

The group also announced that its chief executive officer Jonathan Lu will be replaced by Daniel Zhang, currently the group's chief operating officer, from Sunday. Lu will stay on the management board as vice chairman.

Alibaba completed the world's biggest IPO with its listing on the New York Stock Exchange in September, but its stock price has since dropped sharply.

AFP