17:29 - 10.08.2023
Chinese e-commerce company Alibaba Group Holding announced that its first-quarter revenue beat estimates, reaching 234.16 billion yuan ($33.37 billion).
ABC.AZ reports that the revenue of Alibaba Group Holding Ltd. exceeded expectations following the growth of the company's e-commerce division.
Alibaba's net profit rose nearly 50% to 34.3 billion yuan.
The company's retail e-commerce revenue in China grew by 13% in the first quarter.
At the end of March, the Alibaba group carried out the largest restructuring in its 24-year history. The company announced plans to split its $220 billion empire into six main parts through a new restructuring. Each of the companies to be split will have a board of directors.
