Fiscal 2022: A Year to Move on From Alibaba
The last fiscal year was difficult for Chinese tech conglomerate Alibaba (NYSE: BABA). Scrutiny from both Chinese and the U.S. regulators (albeit for different reasons), competition from younger companies like Pinduoduo and Douyin, and weaker financial performance were just a few of the challenges the tech company faced.
Unsurprisingly, investors grew increasingly pessimistic, sending Alibaba's share price down by more than 50% in the last 12 months. Let's explore why the company's latest annual results make fiscal 2022 a year that the Chinese tech giant likely wishes to forget.
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Source Fool.com
