Alibaba profit falls 88% in first quarter

Chinese e-commerce leader Alibaba said Friday its net profit fell 88%in the first quarter of the year.

but revenue beat analyst forecasts despite the disruptions caused by the coronavirus.

The Hangzhou-based company said net profit fell to 3.16 billion yuan (R7.8 billion) in January-March, compared to 25.83 billion yuan (R64 billion) over the same period last year.

Alibaba founder Jack Ma previously pledged a donation of medical equipment, including 1.5 million laboratory kits, to member states of the African Union, Fin24 reported in March.