, 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.

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