Hangzhou, 3rd August: Earlier this week, Alibaba Group, China’s largest e-commerce company, announced its results for the quarter ended 30th June 2021. The company recorded revenues of US$31.9 billion, up 34% year-on-year. However, net income posted a decrease of 5% year-on-year, down to US$7.0 billion.

More than 87% of Alibaba’s total revenues were generated from its core e-commerce business amounting to US$27.9 billion. In terms of its B2B business, just more than 4% of total revenues were generated from Alibaba’s B2B platforms. Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 13% to US$608 million; while the international B2B business, primarily from Alibaba.com, generated revenues of US$682 million, a 37% increase year-on-year.