Hangzhou, 1st February: Last week, the Alibaba Group, the largest e-commerce company in China, announced its results for the quarter ended 31st December 2017. The company reported total revenues of US$13 billion – up 56% year-on-year. The group’s net income recorded 25% growth, amounting to US$3.6 billion.
The company attributed the increase in revenues to the robust growth of its China e-commerce retail business, its international e-commerce retail business and Alibaba Cloud. Management also highlighted the financial benefits following the consolidation of Cainiao Network, a logistics provider owned by Alibaba.
Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 27% to US$296 million. The company’s international B2B business, primarily operating through Alibaba.com, generated revenues of US$256 million, a year-on-year increase of just 7.2%. In total, Alibaba’s B2B revenues for the quarter only accounted for 4.3% of the Group’s overall revenues.
Alibaba’s fast-growing cloud business accounted for 4.3% of group revenues. Revenue from Alibaba Cloud rose 104% year-on-year to US$553 million. This growth was largely attributed to organic growth of the cloud business.
Alibaba also released its results for the nine months ended 31st December, Group revenues in that period were US$29 billion, representing an increase of 57% year-on-year. Net income jumped 75% in the period, reaching US$8.4 billion. Diluted earnings per share in the nine-month period were RMB 21.64 or US$3.33.
Source: Alibaba Group press release