Hangzhou, 17th November: Last week, Alibaba Group, one of China’s leading e-commerce companies, released its financial results for the quarter ended 30th September 2022. The company recorded total revenues of US$29 billion, up 3% year-on-year. However, the company posted a net loss of US$2.9 billion, compared with a net profit of US$833 million in the same quarter in 2021.

Revenues from Alibaba’s B2B business in China, primarily generated through 1688.com, were US$592 million, representing an increase of 2% year-on-year. Revenues from its international B2B business, primarily operating through Alibaba.com, increased by 3% amounting to US$704 million.