Alibaba Group has announced its financial results for the quarter year ended March 31, 2024.
Takeaway Points
- Alibaba Group Announces Financial Results for Quarter Year Ended March 31, 2024
- According to Alibaba, the revenue was RMB 221,874 million (US$30,729 million), an increase of 7% year-over-year.
- Alibaba Group’s CEO and director addressed investors and analysts on an earnings call after the company’s report.
Alibaba’s financial report for March 31, 2024.
The Chinese e-commerce company Alibaba Group Holding Limited on Tuesday announced its financial results for the quarter and fiscal year ended March 31, 2024.
Eddie Wu, Chief Executive Officer of Alibaba Group, said that the financial results show that their strategies are working.
“This quarter’s results demonstrate that our strategies are working and we are returning to growth. Our China and international commerce businesses realized double-digit year-over-year GMV growth through our focus on the customer experience. We are also excited by the accelerated growth of customers and cloud computing revenues related to our AI products. We will remain focused on our strategic priorities and capture future growth opportunities,” said Eddie.
Toby Xu, Chief Financial Officer of Alibaba Group, said, “Alibaba Group delivered a strong quarter with revenue growth of 7% year-over-year. We’ve seen early results from increased investment in our strategic business priorities and are confident in our business outlook. We are committed to continuing to return value to our shareholders. During fiscal year 2024, we repurchased US$12.5 billion of shares and our board of directors has approved a US$4.0 billion dividend for fiscal year 2024.”
The financial results for the quarter ended March 31, 2024.
According to Alibaba, the revenue was RMB 221,874 million (US$30,729 million), an increase of 7% year-over-year. Income from operations was RMB14,765 million (US$2,045 million), a decrease of 3% year-over-year. Adjusted EBITA, a non-GAAP measurement, decreased 5% year-over-year to RMB23,969 million (US$3,320 million), primarily attributable to increased investments in our e-commerce businesses and retention incentives granted to Cainiao employees.
Net income attributable to ordinary shareholders was RMB3,270 million (US$453 million). Net income was RMB919 million (US$127 million), a decrease of 96%, or RMB21,077 million year over-year, primarily attributable to a net loss from our investments in publicly-traded companies during the quarter, compared to a net gain in the same quarter last year, due to the mark-to-market changes. Excluding share-based compensation expense, gains/losses of investments, impairment of intangible assets, and certain other items, non-GAAP net income in the quarter ended March 31, 2024 was RMB24,418 million (US$3,382 million), a decrease of 11% compared to RMB27,375 million in the same quarter of 2023, according to the report.
Alibaba’s Group CEO and Director addressed investors and analysts.
After the report by the company, Eddie Wu, Alibaba Group’s CEO and Director, addressed investors and analysts on an earnings call saying that through some adjustments and continued user experience enhancement that the business made a growth. Taobao Tmall Group (TTG) achieved double-digit year-over-year growth in GMV this quarter.
Eddie said that since 2024, there has been an increase in customer demand for AI, and Alibaba Cloud has partnered with the majority of leading foundational model companies in China. Alibaba’s proprietary foundational model Tongyi, released a 110 billion parameter model in late April, which is on par with top open-source models globally.
