Alibaba Group Holding Limited (NYSE: BABA), a leading global e-commerce and cloud computing company, announced its financial results for the quarter ended December 31, 2023, on February 7, 2024. The company reported a revenue increase of 5% year-over-year to RMB260,348 million (US$36,669 million). However, income from operations saw a significant decrease of 36% year-over-year, primarily due to impairments of intangible assets and goodwill related to Sun Art and Youku. Despite a decrease in net income by 77% year-over-year to RMB10,717 million (US$1,509 million), Alibaba's adjusted EBITA, a non-GAAP measurement, increased by 2% year-over-year. The company's CEO, Eddie Wu, emphasized the focus on reigniting growth in core businesses, e-commerce, and cloud computing, with increased investment in user experience...Show More

Alibaba Group Holding Limited (NYSE: BABA), a leading global e-commerce and cloud computing company, announced its financial results for the quarter ended December 31, 2023, on February 7, 2024. The company reported a revenue increase of 5% year-over-year to RMB260,348 million (US$36,669 million). However, income from operations saw a significant decrease of 36% year-over-year, primarily due to impairments of intangible assets and goodwill related to Sun Art and Youku. Despite a decrease in net income by 77% year-over-year to RMB10,717 million (US$1,509 million), Alibaba's adjusted EBITA, a non-GAAP measurement, increased by 2% year-over-year. The company's CEO, Eddie Wu, emphasized the focus on reigniting growth in core businesses, e-commerce, and cloud computing, with increased investment in user experience and technological innovation. CFO Toby Xu highlighted the company's healthy quarter and increased investment in strategic priorities, along with an approved increase of US$25 billion to the share repurchase program. Alibaba's various business segments, including Taobao and Tmall Group, Cloud Intelligence Group, Alibaba International Digital Commerce Group, Cainiao Smart Logistics Network Limited, and Local Services Group, all reported year-over-year revenue growth. The company also made significant progress in its ESG initiatives, becoming the national leader for green electricity procurement in China.