Hangzhou, 5th November: Also last week, the Alibaba Group, released its financial results for the quarter ended 30th September 2020. The company recorded total revenues of US$22.8 billion, up 30% year-on-year. However, the group’s net income dropped 63% in the same quarter, down to US$3.9 billion.

Revenues from Alibaba’s B2B business in China, primarily generated through 1688.com, were US$536 million, an increase of 11% year-on-year. Revenues from its international B2B business, primarily operating through Alibaba.com, jumped 44%, reaching US$517 million.

The group also released its financial results for the six months ended 30tsh September, generating revenues of US$45.5 billion, an increase of 32% year-on-year. Net profit decreased 19% in the six-month period, down to US$10.7 billion. Diluted earnings per share in the first half of the financial year were RMB 27.83 (US$4.10).