Alibaba Group Reports Earnings

Q3 2023 Results

Alibaba Group, the Chinese e-commerce giant, reported its financial results for the third quarter of 2023 today. The company reported revenue of RMB207,176 million (US$29,124 million), an increase of 3% year-over-year. This growth was driven by strong performance from its core e-commerce business, as well as its cloud computing and logistics businesses.

Alibaba's net income for the quarter was RMB49,280 million (US$6,949 million), a decrease of 15% year-over-year. This decline was due to increased operating expenses, including marketing and sales expenses, as well as research and development expenses.

Despite the decline in net income, Alibaba's overall financial performance remains strong. The company has a healthy balance sheet with over RMB200 billion (US$28 billion) in cash and cash equivalents. Alibaba is also generating strong cash flow from operations, which it is using to invest in new businesses and expansion.

Key Highlights from the Quarter

• Revenue grew by 3% year-over-year to RMB207,176 million (US$29,124 million)
• Net income decreased by 15% year-over-year to RMB49,280 million (US$6,949 million)
• Core e-commerce business grew by 4% year-over-year
• Cloud computing business grew by 20% year-over-year
• Logistics business grew by 15% year-over-year
• Alibaba has a healthy balance sheet with over RMB200 billion (US$28 billion) in cash and cash equivalents
• Alibaba is generating strong cash flow from operations