Alibaba has posted growth in revenue in its full-year and quarterly results, despite profits plunging.

Alibaba HQ

In the full year to March 31, 2024, revenue grew 8% to ¥941bn (£103bn) while adjusted EBITDA increased 9% to ¥191bn (£20bn).

In its latest quarterly results, profits or “net income attributable to ordinary shareholders” plunged 86% to ¥3.2bn (£350m).

The company said the decline in fourth-quarter profits was primarily due to “valuation changes from equity investments”.

However, it also recorded a 7% rise in revenue to reach ¥221bn (£24bn) while adjusted EBITDA fell 4% to ¥30bn (£3.8bn)

Revenue from Taobao and Tmall Group increased 4% year on year in the quarter to ¥93bn (£10bn), while revenue from Cloud Intelligence Group was ¥25bn (£2.7bn), up 3% year on year.

Alibaba Group chief executive Eddie Wu said: “This quarter’s results demonstrate that our strategies are working and we are returning to growth. 

“Our China and international commerce businesses realised double-digit year-over-year [gross merchandise value] growth through our focus on the customer experience. 

“We 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.”