Alibaba has posted growth in revenue in its full-year and quarterly results, despite profits plunging.
In the full year to March 31, 2024, revenue grew 8% to Ā„941bn (Ā£103bn) while adjusted EBITDA increased 9% to Ā„191bn (Ā£20bn).
In its latest quarterly results, profits or ānet income attributable to ordinary shareholdersā plunged 86% to Ā„3.2bn (Ā£350m).
The company said the decline in fourth-quarter profits was primarily due to āvaluation changes from equity investmentsā.
However, it also recorded a 7% rise in revenue to reach Ā„221bn (Ā£24bn) while adjusted EBITDA fell 4% to Ā„30bn (Ā£3.8bn)
Revenue from Taobao and Tmall Group increased 4% year on year in the quarter to Ā„93bn (Ā£10bn), while revenue from Cloud Intelligence Group was Ā„25bn (Ā£2.7bn), up 3% year on year.
Alibaba Group chief executive Eddie Wu said: āThis quarterās results demonstrate that our strategies are working and we are returning to growth.
āOur China and international commerce businesses realised double-digit year-over-year [gross merchandise value] growth through our focus on the customer experience.
āWe 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.ā
No comments yet