This is despite softer demand as well as supply chain and logistics disruptions.
Alibaba Group Holdings reported its net income attributable to ordinary shareholders grew by 138% to US$6.78b in the quarter ending in December 2022.
The company attributed this to the decrease in impairment of goodwill linked to Digital media and entertainment segment.
“During the past quarter, we continued to improve operating efficiency and cost optimization that resulted in robust profit growth,” Toby Xu, Chief Financial Officer of Alibaba Group, said. “Our net cash position remains strong and we continue to generate healthy cash flow. During the quarter ended December 31, 2022, we repurchased 45.4 million ADSs for approximately US$3.3b under our share repurchase program as part of our ongoing commitment to improve our shareholder return.”
Over the same period, Alibaba noted its revenue rose by 2% year-on-year to US$35.92b.
“We delivered a solid quarter despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures,” Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, said.
“Looking ahead, we expect continued recovery in consumer sentiment and economic activity. We are focused on driving growth for our customers amid the competitive landscape, and creating sustainable, longterm value for our shareholders.”