, China
Source: www.alibabagroup.com

Alibaba Group records $3.2b net loss in September 2022 quarter

Its revenue increased by 3% YoY to around $29.1b.

Alibaba Group posted around $3.2b (RMB22.5b) net loss in the quarter ending in September 2022, following a net income of around RMB3.4m in the same period last year.

In a statement, the company said the net loss attributable to ordinary shareholders was at $2.89b (RMB20.6b).

Alibaba said the net loss was “primarily attributable to an increase in net losses arising from the decrease in market prices of our equity investments in publicly-traded companies and a decrease in share of results of equity method investees, partly offset by the increase in adjusted EBITA(earnings before interest, taxes, and amortisation).”

The group’s EBITA rose 29% year-on-year (YoY) to around $5.1b (RMB36.2b).

READ MORE: Alibaba, Pinduoduo amongst top 25 retailers globally

Its revenue increased by 3% YoY to $29.1b (RMB207.2b), with income from operations reporting a 68% YoY growth to $3.5b (RMB25.1b).

The rise in income operations was due to the adjusted EBITA and decline in share-based compensation expense

“We generated another quarter of healthy revenue growth of 3% year-over-year in spite of the impact on consumption demand by the COVID-19 resurgence in China as well as slowing cross-border commerce due to increasing logistics costs and foreign currency volatility,” said Alibaba Group CFO Toby Xu.

Follow the link for more news on

Join Retail Asia community
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!

Exclusives

Swarovski cracks TikTok to scale luxury amongst Gen Zs
The Austrian glassmaker is working with influencers to connect with the Singaporean market.
Starbucks Korea opens high-tech store in Seoul
Its first reserve-only branch features AR art installations and a Mixology Bar.