Alibaba's Profits Fall 27% as Chinese Consumers Cut Back

Alibaba’s Chinese commerce business has shrunk for the first time amid weak consumer spending.The Chinese conglomerate released earnings Thursday (Aug. 15) showing a 27% decline in profit, which dampened the hopes of a turnaround for the company, Bloomberg News reported.According to that report, Alibaba CEO Eddie Wu is leading an overhaul at the company, hoping to drive growth and increase innovation in the wake of China’s crackdown on Big Tech firms earlier in the decade.The company last year embarked on a ...