Chinese e-commerce giant Alibaba said Thursday its net profit plunged 49 percent to $463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense.
The group also announced that its chief executive officer Jonathan Lu will be replaced by Daniel Zhang, currently the group`s chief operating officer, from Sunday. Lu will stay on the management board as vice chairman.
Alibaba completed the world`s biggest IPO with its listing on the New York Stock Exchange in September, but its stock price has since dropped sharply.
Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
