Alibaba Group Holding Limited (NYSE: BABA), a leading global e-commerce, retail, and technology conglomerate, announced its financial results for the quarter and full fiscal year ended March 31, 2024. The company reported a 7% year-over-year revenue growth for the quarter, reaching RMB 221,874 million (US$30,729 million), and an 8% increase for the full year, with revenue totaling RMB 941,168 million (US$130,350 million). Despite the revenue growth, net income for the quarter saw a significant decrease of 96% year-over-year to RMB 919 million (US$127 million), mainly due to a net loss from investments in publicly-traded companies. For the full fiscal year, net income increased by 9% to RMB 71,332 million (US$9,879 million). Alibaba's CEO Eddie Wu highlighted the double-digit growth in the China...Show More

Alibaba Group Holding Limited (NYSE: BABA), a leading global e-commerce, retail, and technology conglomerate, announced its financial results for the quarter and full fiscal year ended March 31, 2024. The company reported a 7% year-over-year revenue growth for the quarter, reaching RMB 221,874 million (US$30,729 million), and an 8% increase for the full year, with revenue totaling RMB 941,168 million (US$130,350 million). Despite the revenue growth, net income for the quarter saw a significant decrease of 96% year-over-year to RMB 919 million (US$127 million), mainly due to a net loss from investments in publicly-traded companies. For the full fiscal year, net income increased by 9% to RMB 71,332 million (US$9,879 million). Alibaba's CEO Eddie Wu highlighted the double-digit growth in the China and international commerce businesses and the accelerated growth in cloud computing revenues related to AI products. CFO Toby Xu emphasized the company's strong quarter and confidence in its business outlook, noting the repurchase of US$12.5 billion of shares and the approval of a US$4.0 billion dividend for fiscal year 2024. The company also announced a two-part dividend for fiscal year 2024 and is preparing for a primary listing in Hong Kong by the end of August 2024.