Alibaba earnings growth slows as entertainment losses deepen – Business News

LOS ANGELES: Chinese e-commerce giant Alibaba on Wednesday unveiled revenue of $17 billion in the last three months of 2018, with net profits of $4.5 billion, up 33% from the same period the year before. 

But growth was dragged down by the company’s worsening performance in the entertainment sector, with losses of over $890 million, including a more than $400 million write-off of dud entertainment projects.

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