Alibaba posts huge net profit of US$3.7b

Hangzhou, 16th November: Last week, the Alibaba Group, one of China’s leading e-commerce companies, released its financial results for the quarter ended 30th September 2023. The company recorded total revenues of US$31 billion, up 9% year-on-year. Most impressively, Alibaba posted a net profit of US$3.7 billion, compared with a net loss of US$2.9 billion in the same quarter in 2022.

Revenues from Alibaba’s B2B business in China under its Taobao and Tmall Group, primarily generated through 1688.com, were US$698 million, representing an increase of 18% year-on-year. Revenues from its international B2B business under its Alibaba International Digital Commerce Group, primarily operating through Alibaba.com, increased by 9%, amounting to US$758 million.