Friday, November 07, 2014
News this week: China’s largest e-commerce company, Alibaba Group, released its first quarterly financial results for the three-months ended 30th September 2014 since completing its public listing on the New York Stock Exchange in September. The company recorded revenues of US$2.74 billion – up 54% over same period in 2013. Net income was US$494 million, down 39% from the US$807 million recorded in Q3 2013.
Revenues from Alibaba’s China B2B business, primarily generated from 1688.com, jumped 40% to US$129 million in Q3 2014. The company’s international B2B business, primarily consisting of Alibaba.com, generated revenues of US$195 million – up 24% compared to Q3 2013. In total, B2B revenues for the quarter amounted to US$324 million or 12% of overall revenues.
Separately, Alibaba’s domestic B2B-focused 1688.com announced its opening to overseas suppliers with the addition of 24 food & beverage related brands from South Korea. Previously in August this year, the platform launched a “Direct From Overseas Markets” programme to accepted its first foreign suppliers originating from Taiwan.