Hangzhou, 23rd February: Last week, the Alibaba Group, the largest e-commerce company in China, released its results for the quarter ended 31st December 2022. The company reported total revenues of US$36 billion, up just 2% year-on-year. The company’s net income jumped 138%, reaching US$6.6 billion.

Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, were US$612 million, roughly flat compared with the same quarter in 2021. The international B2B business, primarily operating through Alibaba.com, generated revenues of US$699 million, which is also flat with the previous year. B2B revenues accounted for only 3.6% of the group’s total revenues in the quarter. Cainiao, Alibaba’s logistics service provider, recorded 27% growth year-on-year, with revenues of US$2.4 billion.