Hangzhou, 13th February: Last week, Alibaba Group, the largest e-commerce company in China released its financial results for the quarter ended 31st December 2019. Revenues in the quarter were US$23 billion, an increase of 38% year-on-year. Net income in the period was US$7.2 billion, representing a rise of 51%.

Its B2B business, Alibaba’s domestic e-commerce wholesale business which primarily operates on 1688.com, recorded revenues of US$483 million, year-on-year growth of 25%. While its international e-commerce wholesale business which trades on Alibaba.com, increased by 13% generating US$353 million. The company’s Cainiao logistics services business jumped 67% posting revenues of US$1.1 billion. The cloud computing business grew by 62% recording revenues of US$1.5 billion.