Alibaba Group posted a revenue of 205.6 billion yuan (US$30.41 billion) for the quarter ended June 30, 2022, showing a stalled year-on-year movement as the business was affected by the resurgence of Covid-19 in China during April and May. The company had registered a revenue of 205.7 billion yuan (US$30.42 billion) in the quarter ended June 30, 2021.
Alibaba’s China commerce business, which accounts for over 70% of the group revenue, fell by 1% year on year for the quarter. Meanwhile, the ecommerce major’s quarterly net profit attributable to ordinary shareholders stood at US$3.3 billion, a 50% year-on-year decline.
Income from operations was at US$3.7 billion for the quarter, a decrease of 19% year on year.
“We are confident in our growth opportunities in the long term given our high-quality consumer base and the resilience of our diversified business model catering to different demands of our customers,” said Daniel Zhang, chairman and CEO of Alibaba Group.
The profit of Ant Group, which owns e-wallet app Alipay, fell by 20% to US$1.6 billion in the quarter ended March 31, 2022. Notably, the fintech behemoth reports its earnings one quarter behind Alibaba, which owns a one-third stake in Ant.
Alibaba recently announced its plans to seek a dual primary listing in Hong Kong. It currently has a secondary listing in the city.
“By becoming primary listed on both Hong Kong and New York stock exchanges, we aim to further expand and diversify our investor base,” said Toby Xu, chief financial officer of Alibaba Group.
See also: Alibaba’s financial health in 5 charts
Currency converted from Chinese renminbi to US dollars: US$1 = 6.7 renminbi.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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