Alibaba’s Third Quarter Profits Rebound as Entertainment Losses Contract
variety.comPatrick Frater Asia Bureau Chief Profits at Alibaba, the Chinese e-commerce and media conglomerate, more than doubled in the three months to December 2022 to reach $6.63 billion (RMB45.7 billion), on revenues that increased by 2% to $35.9 billion (RMB248 billion).
The figures, which constitute the third quarter of Alibaba’s current financial year to end March 2023, represent a significant rebound after two difficult quarters.
Alibaba’s aggregate net profits between April and December are still down by 32% at just $6.32 billion, compared with the equivalent nine-month period in 2021.
The group portrayed the results as “solid [..] despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures,” and said that China’s improving macro-economic outlook will help it recover further.
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