The Chinese online store and tech group Alibaba has seen profits rise sharply in the past quarter. The company mainly benefited from major cost savings.
As a result, profit increased by 69 percent annually to 27.7 billion yuan, the equivalent of 3.8 billion euros.
Alibaba cut thousands of jobs last year to reduce costs in marketing, for example. As a result, the company faces more competition. Alibaba has also been struggling with the strict corona restrictions in China recently. They were lifted in December.
The turnover of China’s largest e-commerce company increased by 2 percent to EUR 33.8 billion compared to a year earlier.
Commenting on the figures, CEO Daniel Zhang said that consumer confidence in China is likely to improve now that the corona lockdowns have been lifted, along with stronger economic growth. Alibaba is also active in cloud services and other activities.