Hangzhou, 15th May: Earlier this week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the quarter ended 31st March 2019 as well as its results for the financial year ended 31st March 2019. The company recorded revenues of US$14 billion in the quarter, which was an increase of 51% year-on-year. Net income in the period jumped more than 240%, reaching 3.8 billion.

For the financial year ended 31st March 2019, revenues were US$56 billion, representing year-on-year growth of 51%. Net income in the year grew 37% to US$13 billion. Diluted earnings per share in the year were RMB 33.38 (US$4.97). Just 4.8% of total revenues were generated from its B2B businesses (US$2.7 billion). Revenues from Alibaba’s B2B business in China increased by 39% year-on-year reaching US$1.5 billion, while its international B2B business generated revenues of US$1.2 billion – an increase of 23%.