Alibaba Group Holding Limited (NYSE: BABA), a leading global technology company, announced its financial results for the quarter ended September 30, 2024, on November 15, 2024. The company reported a revenue increase of 5% year-over-year to RMB236,503 million (US$33,701 million). Net income saw a significant increase of 63% year-over-year to RMB43,547 million (US$6,205 million), mainly due to mark-to-market gains from equity investments, a decrease in impairment of investments, and an increase in income from operations. However, non-GAAP net income decreased by 9% compared to the same quarter in the previous year. Alibaba's Cloud Intelligence Group continued to show strong performance with a 7% year-over-year revenue increase, driven by double-digit growth in public cloud products and triple-digit growth in...Show More

Alibaba Group Holding Limited (NYSE: BABA), a leading global technology company, announced its financial results for the quarter ended September 30, 2024, on November 15, 2024. The company reported a revenue increase of 5% year-over-year to RMB236,503 million (US$33,701 million). Net income saw a significant increase of 63% year-over-year to RMB43,547 million (US$6,205 million), mainly due to mark-to-market gains from equity investments, a decrease in impairment of investments, and an increase in income from operations. However, non-GAAP net income decreased by 9% compared to the same quarter in the previous year. Alibaba's Cloud Intelligence Group continued to show strong performance with a 7% year-over-year revenue increase, driven by double-digit growth in public cloud products and triple-digit growth in AI-related product revenue. The company also highlighted its strategic investments in user experience and product offerings, which have led to increased purchase frequency and improved feedback on the shopping experience. Alibaba's CEO Eddie Wu expressed confidence in the core businesses and the company's commitment to long-term growth. CFO Toby Xu reported that Alibaba repurchased US$4.1 billion of shares during the quarter, resulting in a 2.1% net reduction in total shares outstanding since the end of June. The company's free cash flow decreased by 70% compared to the same quarter of the previous year, mainly due to investments in Alibaba Cloud infrastructure and refunds to Tmall merchants after the cancellation of the annual service fee.