Alibaba Group Holding Limited (NYSE: BABA), a leading global technology company, announced its financial results for the quarter ended June 30, 2024, on August 15, 2024. The company reported a revenue increase of 4% year-over-year to RMB 243.2 billion (US$33.47 billion). However, income from operations decreased by 15% to RMB 36 billion (US$4.95 billion), primarily due to a reversal of share-based compensation expense from the previous year. Adjusted EBITA, a non-GAAP measurement, decreased by 1% year-over-year to RMB 45 billion (US$6.2 billion). Net income attributable to ordinary shareholders was RMB 24.3 billion (US$3.34 billion), a decrease of 27% year-over-year, mainly due to a decrease in income from operations and an increase in impairment of investments. The company also reported a decrease in net cash...Show More

Alibaba Group Holding Limited (NYSE: BABA), a leading global technology company, announced its financial results for the quarter ended June 30, 2024, on August 15, 2024. The company reported a revenue increase of 4% year-over-year to RMB 243.2 billion (US$33.47 billion). However, income from operations decreased by 15% to RMB 36 billion (US$4.95 billion), primarily due to a reversal of share-based compensation expense from the previous year. Adjusted EBITA, a non-GAAP measurement, decreased by 1% year-over-year to RMB 45 billion (US$6.2 billion). Net income attributable to ordinary shareholders was RMB 24.3 billion (US$3.34 billion), a decrease of 27% year-over-year, mainly due to a decrease in income from operations and an increase in impairment of investments. The company also reported a decrease in net cash provided by operating activities by 26% and a decrease in free cash flow by 56% compared to the same quarter of 2023. Alibaba's CEO highlighted the company's strategy focusing on user experience and market leadership in cloud services. The CFO mentioned significant value returned to shareholders through US$5.8 billion of share repurchases. The report also detailed performance across various segments, including Taobao and Tmall Group, Cloud Intelligence Group, Alibaba International Digital Commerce Group, Cainiao Smart Logistics Network Limited, Local Services Group, and Digital Media and Entertainment Group.