Alibaba Group’s profit jumps 146% in Q2

Hangzhou, 2nd November: Last week, the Alibaba Group released its results for the quarter ended 30th September 2017. The company posted total revenues of US$8.3 billion, up 61% year-on-year. Meanwhile, the group’s net income in the quarter jumped 146% reaching US$2.6 billion.

Revenues from Alibaba’s B2B business in China, primarily generated through 1688.com, grew by 19% to US$258 million. Its international B2B business, primarily operating on Alibaba.com, generated revenues of US$248 million, a 10% year-on-year increase. In total, B2B revenues in the quarter accounted for 6.1% of overall revenues. Revenues from its cloud computing services were US$447 million, which represents a 99% increase over the same quarter in 2016. The cloud computing business now accounts for about 5.4% of the group’s total revenues.