Hangzhou, 15th August: Last week, China’s largest e-commerce company, the Alibaba Group, announced its results for the quarter ended 30th June 2019. The company recorded revenues of US$16.7 billion, up 42% year-on-year. Net income jumped 145% compared with the previous year, reaching US$2.1 billion.
About 87% of Alibaba’s total revenues were generated from its core e-commerce business amounting to US$14.5 billion. In terms of B2B, just 4.6% of total revenues were generated from Alibaba’s B2B business. Revenues from Alibaba’s China B2B business, primarily generated through 1688.com, grew by 33% to US$436 million; while the international B2B business, primarily from Alibaba.com, generated revenues of US$327 million, a 22% increase year-on-year. Diluted earnings per share in the quarter were RMB 8.06 (US$1.17).