Hangzhou, 23rd August: Last week, China’s largest e-commerce company, the Alibaba Group, announced its results for the quarter ended 30th June 2018. The company recorded revenues of US$12.2 billion, up 61% over same period last year. However, net income posted a decrease of 41% year-on-year, down to US$1.3 billion. Diluted earnings per share in the quarter were RMB 3.30 (US$0.50).

The company attributed the decrease in profit to a one-time increase in share-based compensation expense relating to Ant Financial’s awards.

About 86% of Alibaba’s total revenues were generated from its core e-commerce business amounting to US$10.5 billion. Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 37% to US$340 million; while the international B2B business, primarily from Alibaba.com, generated revenues of US$278 million, a year-on-year 14% increase. In total, B2B revenues for the quarter accounted for just 5.1% of overall revenues.