Alibaba Group’s revenue up, but profit down

Hangzhou, 15th August: Last week, Alibaba Group, China’s largest e-commerce company, announced its results for the quarter ended 30th June 2024. The company recorded revenues of US$33 billion, an increase of 4% year-on-year. However, the company’s profits dropped 27% year-on-year, down to US$3.3 billion. Diluted earnings per share for the three-month period were RMB 1.24 (US$0.17).

In terms of its business segment, about 43% of Alibaba’s total revenues were generated from its Taobao & Tmall Group, amounting to US$16 billion. Revenues from Taobao & Tmall’s China commerce wholesale business, primarily generated through 1688.com, were US$819 million, an increase of 16% over last year. The second largest business segment, the Alibaba International Digital Commerce Group generated revenues of US$4.03 billion, or 11% of total revenues. Alibaba International Digital Commerce’s international commerce wholesale business, primarily traded on Alibaba.com, generated revenues of US$771 million, up 12% year-on-year.