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Chinese e-commerce firm Alibaba posts $30.3B revenue in Q1

Chinese e-commerce firm Alibaba posts $30.3B revenue in Q1
Company says number of consumers reach 1 billion milestone in China, 305M overseas

By Ovunc Kutlu

ANKARA (AA) - Chinese e-commerce firm Alibaba Group posted revenue of 204 billion Chinese yuan ($30.3 billion) in the first quarter of this year, according to its financial results statement released on Thursday.

The figure is a 9% increase from the first quarter of 2021, while total revenue for the fiscal year grew 19% annually, it said.

Annual active consumers of Alibaba Group around the world reached approximately 1.31 billion for the 12 months ending March 31, 2022 – an increase of 28.3 million from the 12 months ending Dec. 31, 2021.

"This included over 1 billion consumers in China, a historic milestone, and 305 million consumers overseas," the statement said.

The company, however, said the growth of gross merchandise value in the first quarter of this year “had a low single-digit decline, mainly due to disruptions in supply chain and logistics, as well as demand softening, as a result of the impact of COVID-19 in March.”

source: News Feed
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