Alibaba Q1 Revenue Growth Slows to 0%

Consumer Staples Author: Yiru Qian Aug 05, 2022 05:52 PM (GMT+8)

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group said in the earning call that “we saw signs of recovery across our businesses in June."


Alibaba (BABA:NYSE) released its quarterly financial results for the first quarter of the fiscal year 2023, with a halved net income of CNY 20,298 million (USD 3,030 million).

Revenue was CNY 205,555 million (USD 30,689 million) and remained stable year-over-year, while the net income attributable to ordinary shareholders was only CNY 22.74 billion (USD 3.4 billion) in the quarter ended June 30, down 50% compared with the same period last year.

Revenue from China commerce retail business - including Taobao, Tmall, Taobao Deals, Taocaicai, Freshippo, Tmall Supermarket, Sun Art, Tmall Global, Alibaba Health, as well as wholesale business - was CNY 136,977 million (USD 20,450 million), a decrease of 2% compared to CNY 140,105 million in the same quarter of 2021.

The revenue of its international commerce business and cloud services totaled CNY 15,451 million (up 2%) and CNY 17,865 million (up 10%) in the reporting period.

Specifically, its domestic and international one-stop-shop logistics services and supply chain management solutions Cainiao documented a revenue of CNY 12,142 million (USD 1,813 million) in the quarter ended June 30, 2022, up 5%, which was primarily contributed by the increase in revenue from consumer logistics services as a result of service upgrade to enhance consumer experience.

Previously, Alibaba announced to add Hong Kong as another primary listing venue. "By becoming primary listed on both Hong Kong and New York stock exchanges, we aim to further expand and diversify our investor base,” commented Toby Xu, Chief Financial Officer of Alibaba Group.

As of June 30, 2022, the e-commerce giant had a total of 245,700 employees, compared to 254,941 as of March 31, 2022.