Alibaba profits up 51%

Hangzhou, 10th August: Last week, Alibaba Group, China’s largest e-commerce company, announced its results for the quarter ended 30th June 2023. The company recorded revenues of US$32 billion, an increase of 14% year-on-year. Its profits jumped 51% year-on-year, reaching US$4.7 billion.

Just over 58% of Alibaba’s total revenues were generated from its Taobao & Tmall Group and the Alibaba International Digital Commerce Group: US$16 billion and US$3.1 billion, respectively. Revenues from Taobao & Tmall’s China commerce wholesale business, primarily generated through 1688.com, were US$707 million, a moderate increase of 1% over the previous year. Meanwhile, Alibaba International Digital Commerce’s international commerce wholesale business, primarily traded on Alibaba.com, generated revenues of US$687 million – on par with the previous year.