Hangzhou, 4th August: Last week, Alibaba Group, China’s largest e-commerce company, announced its results for the quarter ended 30th June 2022. The company recorded revenues of US$30.7 billion, flat compared with the same quarter last year. Its profits dropped 50% year-on-year, down to US$3.4 billion. This represents one of the weakest quarters in the history of the company. The Group also reported that it cut jobs for the first time since 2016. So far this year, Alibaba has cut nearly 10,000 jobs or 3.8% of its total workforce.

Just over 76% of Alibaba’s total revenues were generated from its core e-commerce business amounting to US$23.5 billion. Just 4.8% of total revenues were generated from Alibaba’s B2B platforms. Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 26%, to US$740 million. Meanwhile, its international B2B business, primarily traded on Alibaba.com, generated revenues of US$736 million, a 12% increase year-on-year.