Hangzhou, 2nd November: Last week, the largest e-commerce company in China, the Alibaba Group, released its financial results for the quarter ended 30th September 2018. The company posted total revenues of US$12.4 billion, up 54% year-on-year. Meanwhile, the group’s net income grew 13% in the same quarter, reaching US$2.9 billion.

Revenues from Alibaba’s B2B business in China, primarily generated through 1688.com, grew by 46% to US$364 million. While its international B2B business, primarily operating on Alibaba.com, generated revenues of US$294 million, an increase of 22% year-on-year. In total, B2B revenues in the quarter accounted for 5.3% of the group’s overall revenues. Revenues from Alibaba’s cloud computing services jumped 90% to US$825 million. Its cloud computing business now accounts for about 6.7% of the group’s total revenues.