HANGZHOU, CN – Alibaba Group’s financial results for the quarter ended Dec. 31, 2023 showed revenue growth of 5% year-over-year. “We delivered a solid quarter as we are executing our focused strategies across the organization,” said Eddie Wu, CEO of Alibaba Group. “Our top priority is to reignite the growth of our core businesses—e-commerce and cloud computing.”
“Alibaba Group delivered a healthy quarter with revenue growth of 5% year-over-year,” confirmed Toby Xu, chief financial officer of Alibaba Group. “We increased our investment in strategic priorities and improved shareholder return by leveraging our strong balance sheet and cash flow. Our board of directors approved an increase of US $25 billion to our share repurchase program, demonstrating our confidence in the outlook of our business and cash flow.”
Revenue was RMB 260,348 million (US $36,669 million), an increase of 5% year-over-year. Recent highlights of proprietary products and technology include:
- Elastic Compute: In January 2024, Alibaba Cloud unveiled its newest general-purpose ECS instance g8i, which significantly boosts overall performance and AI inferencing capabilities.
- Database: In the 2023 Gartner® Magic Quadrant™ for Cloud Database Management Systems report, Alibaba Cloud was named a Leader for the fourth year in a row.
“Our board of directors approved an increase of US $25 billion to our share repurchase program, demonstrating our confidence in the outlook of our business and cash flow,” added Toby Xu. “Our consistent share repurchase has also reduced outstanding share count while achieving EPS and cash flow per share accretion.”
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