Alibaba group net income soars over 130% in December quarter

This is despite softer demand as well as supply chain and logistics disruptions.

Alibaba Group Holdings reported its net income attributable to ordinary shareholders grew by 138% to US$6.78b in the quarter ending in December 2022.

The company attributed this to the decrease in impairment of goodwill linked to Digital media and entertainment segment.

“During the past quarter, we continued to improve operating efficiency and cost optimization that resulted in robust profit growth,” Toby Xu, Chief Financial Officer of Alibaba Group, said. “Our net cash position remains strong and we continue to generate healthy cash flow. During the quarter ended December 31, 2022, we repurchased 45.4 million ADSs for approximately US$3.3b under our share repurchase program as part of our ongoing commitment to improve our shareholder return.”

Over the same period, Alibaba noted its revenue rose by 2% year-on-year to US$35.92b.

“We delivered a solid quarter despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures,” Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, said.

“Looking ahead, we expect continued recovery in consumer sentiment and economic activity. We are focused on driving growth for our customers amid the competitive landscape, and creating sustainable, longterm value for our shareholders.”

Follow the link for more news on

Alibaba

Also Read

Southeast Asian retailers go live to take orders

JD Global Sales expands to Malaysia and Thailand ahead of Singles Day

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit