Alibaba’s 4Q revenue reached 221.87 billion yuan, surpassing estimates of 219.79 billion yuan. The adjusted EBITDA for the same period was 30.81 billion yuan, exceeding the estimated 30.38 billion yuan. The company is gearing up for a primary listing in Hong Kong, with the conversion expected to conclude by the end of August. Additionally, the board has approved a $4 billion dividend for FY2024.
Alibaba Group Holding exceeded analysts’ expectations for fourth-quarter revenue, driven by a focus on affordable goods amid cautious consumer spending.
Revenue for the three months ended March 31 reached 221.87 billion yuan ($30.66 billion), surpassing the consensus estimate of 219.66 billion yuan.
Q1 2024 revenue saw a 7% year-over-year increase to RMB221,874 million ($30,729 million).
Annual revenue for the fiscal year grew by 8% year-over-year to RMB941,168 million ($130,350 million).
Income from operations for the fiscal year rose by 13% year-over-year to RMB113,350 million ($15,699 million).
Adjusted EBITA for FY2024 experienced a 12% year-over-year increase to RMB165,028 million ($22,856 million).
Alibaba approved a $4.0 billion dividend for FY24, consisting of a regular annual dividend of $1.00 per ADS and a special dividend of $0.66 per ADS.
Adjusted EBITDA (CNY) amounted to 24 billion, marking a 5% year-over-year decrease, with a margin of 11% compared to 12% in the previous year.
Segment revenue details: Total Taobao & Tmall Group revenue reached ¥93.22 billion, Cloud Intelligence Group revenue was ¥25.60 billion, Local Services Group revenue amounted to ¥15.09 billion, and Cainiao Smart Logistics
Network revenue reached ¥20.12 billion.
Strategic insights highlight a focus on enhancing customer experience and AI product capabilities, with significant investments in e-commerce and cloud computing.
CEO comments emphasize the return to growth, particularly in China and international commerce businesses, and excitement about accelerated growth in cloud computing.
Financial health indicators include adjusted EBITA of ¥23.97 billion (down 5% YoY), free cash flow of ¥15.36 billion (down 52% YoY due to increased capital expenditures, mainly in Alibaba Cloud infrastructure), and net income of ¥3.27 billion, significantly lower than prior periods due to investment losses.
As of March 31, 2024, Alibaba’s workforce consists of 204,891 full-time employees, marking a quarterly decline of 6.5% and a year-over-year decrease of 12.9%.
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