Alibaba reports 3% quarterly revenue growth, net loss

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Signage displayed at the Alibaba Group Holding Ltd. headquarters in Hangzhou, Zhejiang Province, China, February 21, 2022. /CFP

Chinese tech giant Alibaba Group Holding Ltd. on Thursday announced its revenue grew 3 percent year on year to 207.18 billion yuan ($29.12 billion) in the second quarter of its 2023 fiscal year.

"We generated another quarter of healthy revenue growth of 3 percent year over year in spite of the impact on consumption demand by the COVID-19 resurgence in China as well as slowing cross-border commerce due to increasing logistics costs and foreign currency volatility," said Toby Xu, chief financial officer of Alibaba, in the earnings report.

However, the company reported a net loss 22.47 billion yuan in the latest quarter, compared to a net profit of 3.38 million yuan in the same quarter of 2021.

Alibaba said the loss was primarily due to "an increase in net losses arising from the decrease in market prices of our equity investments in publicly-traded companies and a decrease in the share of results of equity method investees."

For the quarter that ended September 30, the e-commerce conglomerate's non-GAAP (Generally Accepted Accounting Principles) net income was 33.82 billion, a year-on-year increase of 19 percent.

Loss per share in the reported quarter was 0.97 yuan, compared to earnings per share of 0.25 yuan in the same quarter of 2021, according to the report.