Alibaba announced its fiscal 2023’s third quarter (3Q FY2023) results, delivering growth in revenue, higher income from operations and higher earnings per share over its fiscal 2022’s second quarter (2Q FY2023) results. Alibaba’s 3Q FY2023 revenue increased 2% year on year from RMB 242.6 billion to RMB 247.8 billion. The increase in revenue was due to stronger performance in the Cainiao and International commerce segments. Income from operations for 3Q FY2023 increased 396% year on year from RMB 7.1 billion to RMB 35 billion. This increase in income from operations can be mainly attributed to two reasons. The first is a substantial year on year decrease in the impairment of goodwill in relation to the Digital media and entertainment segment of RMB 22.4 billion. The second is a year on year reduction in sales and marketing expenses. Alibaba incurred RMB 30.6 billion in sales and marketing expenses in 3Q FY2023 which amounted to 12% of revenue....