Alibaba posts slower growth in FY2023

Hangzhou, 18th May: Last week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the year ended 31st March 2023. Revenues in the financial year were US$126 billion, representing year-on-year growth of only 2%. Net income in the year grew 17%, reaching US$11 billion. Diluted earnings per share for the year were RMB 27.46 (US$4.00).

In terms of its B2B business, revenues generated from Alibaba’s B2B business in China, mainly through its 1688.com platform, were US$2.5 billion, resulting in a year-on-year increase of 2%. The international B2B business on Alibaba.com, also posted a 2% increase in revenues, reaching US$2.8 billion. These B2B businesses only account for just 4.2% of Alibaba’s total revenues.