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% …
, the Chinese e-commerce and media conglomerate, more than doubled in the three months to December 2022 to reach $6.63 billion , on revenues that increased by 2% to $35.9 billion .
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.video streaming platform cut its losses for the seventh consecutive quarter. But it specified neither Youku’s quarterly revenues or losses, nor its latest subscriber total.
The digital media and entertainment division had also been responsible for a RMB25 billion goodwill impairment in the equivalent quarter of 2021. That burden was not present in the latest quarter and significantly helped the group-level presentation.
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