Alibaba’s profit falls 77% last quarter of 2023

Hangzhou, 7th February: Earlier this week, the Alibaba Group, the largest e-commerce company in China, released its results for the quarter ended 31st December 2023. The company reported total revenues of US$37 billion, up 5% year-on-year. That is the good news. The group’s net income, however, dropped 77% year-on-year, down to US$1.5 billion. The company’s management attributed the decrease in profit to significant changes to its equity investments and a write-down of the goodwill value of Youku.

Revenues from Alibaba’s B2B business in China under the Taobao and Tmall Group, primarily generated through 1688.com, were US$747 million, that represents a year-on-year increase of 23%. The international B2B business under the Alibaba International Digital Commerce Group, primarily operating through Alibaba.com, generated revenues of US$740 million, which posted an 8% increase over the previous year. B2B revenues accounted for only 4.1% of the group’s total revenues in the quarter.