Alibaba Group saw its revenue increase 9 per cent year over year to US$30.81 billion for the quarter ended September 30.
The company’s operating income soared 34 per cent to $4.603 billion, with adjusted EBITA up 18 per cent to $5.872 billion.
Taobao and Tmall Group’s revenue was up 4 per cent to $13.385 billion, as content and price-competitive strategy drove organic growth of users and order volume increased.
Alibaba International Digital Commerce Group (AIDC), which operates Lazada, AliExpress, Trendyol, Daraz, Miravia and Alibaba.com, posted a 53 per cent increase in revenue to $3.360 billion. AIDC recorded order growth of 28 per cent thanks to a solid performance from all major retail platforms.
Lazada recorded double-digit order growth, with losses per order narrowing both quarter over quarter and year over year.
Other segments, namely Local Services Group, Cainiao Smart Logistics Network, Cloud Intelligence Group, and Digital Media and Entertainment Group, also saw revenue growths of between 2 and 25 per cent.
For the quarter, the company logged a net income of $3.659 billion, compared to net loss of $3.1 billion in the same quarter of 2022.
Eddie Wu, CEO of Alibaba Group, said the group delivered a “solid quarter” as a result of its strategic reorganisation.
“Through a more flexible organisational governance mechanism, we aim to capture brand new opportunities from the ongoing AI technological transformation and create more value for our customers.”
