Alibaba Group Holding Limited (NYSE: BABA) reported third quarter 2022 earnings results today.
Revenue increased 10% year-over-year to RMB242.5 billion, or $38 billion, driven by growth in the commerce, cloud and local consumer services segments.
Net income attributable to ordinary shareholders was RMB20.4 billion, or $3.2 billion, down 74% year-over-year. Adjusted net income was RMB44.6 billion, or $7 billion, down 25% year-over-year.
Diluted earnings per ADS amounted to RMB7.51, or $1.18, while adjusted earnings per ADS dropped 23% year-over-year to RMB16.87, or $2.65.