Hangzhou, 20th August: Last week, Alibaba Group, China’s largest e-commerce company, announced its results for the quarter ended 30th June 2020. The company recorded revenues of US$22 billion, up 34% year-on-year. Net income jumped 124% over last year reaching US$6.7 billion.

More than 86% of Alibaba’s total revenues were generated from its core e-commerce business amounting to US$18 billion. In terms of its B2B business, just 4.3% of total revenues were generated from Alibaba’s B2B platforms. Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 16% to US$493 million; while the international B2B business, primarily from Alibaba.com, generated revenues of US$454 million, a 43% increase year-on-year.