November 21, 2024
HANGZHOU, CHN – Third quarter (ended Sept. 30, 2024) financial results for Alibaba revealed a revenue increase of 5% year-over-year. “This quarter we continued to invest in the user experience and strengthen product offerings to serve consumers,” said Eddie Wu, CEO of Alibaba Group. “We entered into long-term collaborations with industry peers to broaden payment and logistics services on Taobao and Tmall platforms, which we expect will accelerate our overall growth.
“Growth in our Cloud business accelerated from prior quarters, with revenues from public cloud products growing in double digits and AI-related product revenue delivering triple-digit growth,” Wu continued. “We are more confident in our core businesses than ever and will continue to invest in supporting long-term growth. Our other businesses continued to improve their operating efficiency, with most of them continuing to increase their profitability or reduce losses.”
“Our revenue growth this quarter was driven by improving monetization of Taobao and Tmall Group, which included GMV-based service fees and merchant adoption of our marketing tool Quanzhantui,” said Toby Xu, CFO. “Consistent with our strategy, we continue to invest in our core businesses while enhancing operational efficiency. During the quarter we repurchased US $4.1 billion of shares, achieving earnings accretion to our shareholders through a net 2.1% reduction in total shares outstanding since the end of June.”
In the quarter ended Sept. 30, 2024
- Revenue was RMB236,503 million (US$33,701 million), an increase of 5% year-over-year.
- Income from operations was RMB35,246 million (US$5,023 million), an increase of 5% year-over-year, primarily due to the decrease in non-cash share-based compensation expense, partly offset by the decrease in adjusted EBITA.
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