Alibaba’s revenue falls for first time since going public

Alibaba reported its second-quarter earnings this year , with revenue falling for the first time since going public in 2014. Revenue for the April-June period was equivalent to $30.7 billion, down 0.1 percent from a year earlier, Alibaba said. It blamed the fall in revenue on repeated coronavirus outbreaks, saying its main domestic e-commerce business was affected by virus-related supply chain and logistics disruptions in April and May. CEO Zhang Yong said Alibaba has hired more than 6,000 college graduates this year. But its total number of employees dwindled. Alibaba had 245,700 employees as of June 30, a decrease of more than 5% from December.

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