Alibaba’s revenues up 35% in FY2020

Hangzhou, 22nd May: Earlier this week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the year ended 31st March 2020. Revenues were US$72 billion, representing year-on-year growth of 35%. Net income in the year jumped 70% to US$21 billion. Diluted earnings per share in the year were RMB 55.93 (US$7.90).

Just 5% of total revenues were generated from its B2B businesses (US$3.1 billion). Revenues from Alibaba’s B2B business in China, primarily through its 1688.com platform, increased by 24% year-on-year reaching US$1.76 billion, while its international B2B business, Alibaba.com, generated revenues of US$1.36 billion, up 17% in the year.