![]() ![]() Revenue from its China commerce business - Alibaba’s largest business unit by revenue - declined 3% compared with the same period last year. It also reversed losses from the same quarter last year, posting a net income of 23.5 billion yuan ($3.3 billion) due to one-off gains from its equity investments. The company reported revenues of 208.2 billion yuan ($29.6 billion) for its March quarter. Other units such as Alibaba’s international digital commerce group, which operates Singapore-based e-commerce platform Lazada, will also explore raising external capital as it seeks to expand globally.Īlibaba Group Holding on Thursday posted a lower-than-expected 2% rise in revenue for the quarter ended March, suggesting that spending has been slow to bounce back in China since the removal of COVID-19 restrictions amid slowing economic growth. ![]() Business & Finance Click to expand menu.Īlibaba’s board has approved plans to begin Freshippo’s IPO process and Cainiao will explore an IPO in the next 12 to 18 months, he said. ![]()
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