In the third quarter, Alibaba again exceeded expectations, supported by growing e-commerce and the termination of the lockdown in China.
Strong sales growth
In the period July-September, Alibaba Group achieved a total turnover of 155.06 billion yuan (19.86 billion euro), 30% higher than during the same period last year and slightly above analysts' expectations. That is what Reuters writes. The group's cloud activities, which are becoming increasingly important, even grew by 60% to 14.9 billion yuan (1.9 billion euro). Turnover from the core business, on the other hand, rose by 29% to 130.9 billion yuan (16.8 billion euro).
For the time being, the company only derives profit from its core business. Due to its growth, the cloud division is doing relatively better: a year ago the loss was 6% of turnover, in the past quarter it was barely 1%.
The net result of the group as a whole fell by 63% to 26.5 billion yuan (3.39 billion euro). In the same period last year, Alibaba recorded a one-off profit on its 33% stake in Ant Group. The fact that the IPO of that payment specialist was unexpectedly cancelled earlier this week was spectacular news.