(Yicai Global) Aug. 5 -- Alibaba Group Holding’s Hong Kong-traded shares tumbled as much as 5.6 percent today after the Chinese e-commerce giant posted a 48 percent profit dive for the first fiscal quarter, ended June 30, from the same period last year although revenue held steady.

Alibaba’s Hong Kong-traded shares [HKG:9988] were trading down 2.6 percent at HKD92.50 (USD12) as of 1.30 p.m. China time. Earlier in the day they sank to HKD87.80. Its US stock [NYSE:BABA] rose 1.79 percent to close at USD97.43 each yesterday.

Net profit came to USD3.4 billion in the three months ended June 30, the Hangzhou-based firm said in its latest financial report released yesterday.

Revenue, however, was almost the same as last year at USD30.6 billion despite the string of Covid-19 outbreaks that hammered the Chinese economy.

“During the past quarter, we actively adapted to changes in the macro environment and remained focused on our long-term strategy by continuing to strengthen our capability for customer value creation,” Chairman and Chief Executive Officer Daniel Zhang said at the earnings call.

“Following a relatively slow April and May, we saw signs of recovery across our businesses in June. We are confident in our growth opportunities in the long term given our high-quality consumer base and the resilience of our diversified business model catering to different demands of our customers.

“Infrastructure facilities are restoring their capabilities as the supply chain and logistics network have gone back to normal since June. The 618 Shopping Festival gained good results which continued last month. Consumption was better last month than June and is still recovering,” he added.

Revenue from the firm’s cloud segment surged 10 percent year-on-year to USD2.64 billion, that of international commerce gained 2 percent to USD2.3 billion, and that of commerce dipped 1 percent to USD21.1 billion.

The company did not provide an outlook for the next quarter.

Editor: Kim Taylor