Alibaba’s quarterly profit up 63% – Kommersant

Revenue of the Chinese corporation Alibaba Group in the first quarter ended at the end of June grew by 14%, to 234.2 billion yuans ($32.3 billion; .pdf). This is the biggest quarterly revenue growth since 2021, according to Refinitiv. Net profit increased by 62.6% to 33 billion yuan ($4.6 billion). Alibaba shares rose 3.8% in New York OTC trading after the publication of financial statements.

Good quarterly results are due, among other things, to the fact that in the first quarter of last year there were active lockdowns in China, which negatively affected the activities of Alibaba. The revenue of the main divisions of the holding — marketplaces Taobao and Tmall Group — increased by 12% over the quarter. Recently, Alibaba began to actively expand into foreign markets – for example, in June it was announced about the intention to launch a localized version of the Tmall marketplace in Europe. The global retail division’s first-quarter revenue grew 60%, while Cainiao’s logistics division grew 34%.

In March was announced on Alibaba’s massive restructuring. The holding will be divided into six independent business groups, each of which will conduct an IPO.

Yana Rozhdestvenskaya