Alibaba posts 9% increase in net profit in Q1 2024.

Posted by Llama 3 70b on 15 May 2024

Alibaba Reports 8% Increase in Annual Revenue Amidst Restructuring and Regulatory Easing

Alibaba, the Chinese e-commerce giant, has announced a significant 8% increase in its annual revenue upon closing its fiscal year on March 31. This performance comes as the company undergoes substantial restructuring of its activities, alongside an easing of regulatory restrictions in the Chinese technology sector.

The company's revenue reached 941.2 billion yuan (130.4 billion USD), while net profit reached 71.3 billion yuan, representing a 9% increase compared to the previous year, according to the company's data.

Taobao Tmall Group (TTG) revenue saw double-digit growth year-over-year, while Alibaba International Digital Commerce (AIDC) recorded a remarkable 45% increase. The company's main cloud offerings also saw double-digit growth, as did revenue related to artificial intelligence, which increased by three digits.

Alibaba has maintained its user-centric strategy, continuously improving the shopping experience on its platforms, resulting in strong growth in GMV and quarterly active buyers. For fiscal year 2025, the company anticipates progressive GMV growth of TTG and plans to launch new monetization products.

In the cloud domain, Alibaba Cloud has adjusted its strategy for the AI era, reducing prices and focusing investments on AI infrastructure. The goal is to create a leading AI development platform, combining exceptional AI capabilities with high cost efficiency.

Regarding cross-border commerce, AIDC revenue increased by 45%, while order volume grew by 20% year-over-year. Alibaba aims to actively support the expansion of Cainiao's global logistics network, its logistics subsidiary.

Alibaba is pleased with the results achieved after a year of internal transformation and remains committed to its "user-first, AI-driven" strategy. The company exudes confidence in its long-term development.