Alibaba Group 2022 net income drops nearly 60% to US$9.77b

The Group linked this to decreases in market prices of its equity investments.

The Alibaba Group posted a full-year net income of US$9.77b in 2022, reflecting a 59% drop in 2021. 

The Group linked this to net losses that stemmed from decreases in market prices of their equity investments in publicly traded companies. 

Over the same period Alibaba recorded a 19% year-on-year increase to US$134.56b in revenue, which was driven by its China commerce, cloud and international commerce segments. 

In the year ended March 2022, Alibaba saw its China commerce segment grow by 18% YoY to US$93.49b, whilst its cloud and international commercial segments climbed by 23% YoY to US$11.76b and 25% YoY to US$9.63b, respectively. 

“Alibaba delivered on the goal of serving one billion annual active consumers in China this past quarter and achieved a record RMB8,317b in global gross merchandise value for the fiscal year,” Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, said. 

“Despite macro challenges that impacted supply chains and consumer sentiment, we continued to focus on customer value proposition and building the capabilities to deliver value.” 

For his part, Toby Xu, Chief Financial Officer of Alibaba Group, said the company will continue to make investments in strategic initiatives to sustain its growth momentum.

“Looking ahead to fiscal year 2023, we will firmly focus on generating sustainable, high-quality revenue growth and optimizing our operating cost structure to enhance overall return amidst these uncertain times.”