Alibaba Group's Revenue Grows 2% in March Quarter

2023-12-30

Alibaba Group recently held its earnings call to discuss its financial results for the March quarter of 2023 and its full fiscal year 2023. The call was attended by key participants including Daniel Zhang (Chairman and CEO), Joe Tsai (Executive Vice Chairman), Toby Xu (Chief Financial Officer), Trudy Dai (CEO of Taobao and Tmall Group), and Jiang Fan (CEO of Alibaba International Digital Commerce Group).

During the call, the financial results for the March quarter were revealed. Alibaba Group reported a revenue of 208.2 billion RMB, representing a year-over-year growth of 2%. The adjusted EBITA was approximately 25.3 billion RMB, showing a year-over-year growth of 60%.

Alibaba Group's three core strategies were highlighted during the call, which are consumption, cloud computing, and globalization. The company aims to focus on the acquisition and retention of high-quality users, maintaining a differentiated consumer mindset, and creating new demand through supply-side innovations.

Risks and uncertainties were also discussed during the call, with a focus on forward-looking statements. Alibaba Group emphasized that these risks and uncertainties are detailed in its latest annual report on Form 20-F and other documents filed with the U.S. SEC or announced on the website of the Hong Kong Stock Exchange.

In addition to the financial results and core strategies, Alibaba Group provided updates on various business areas. The company plans to fully spin off its cloud intelligence group and complete its public listing as an independent company within the next 12 months. It also announced plans to explore an IPO for Freshippo and Cainiao, with Freshippo's IPO process already approved by the board.

Alibaba International Digital Commerce Group is planning to raise external capital to support its business expansion in the global market. The company also announced a major organizational transformation, restructuring into six business groups and other investments, to focus on capital management.

Alibaba Group's capital management committee is responsible for enhancing shareholder returns and exploring options to unlock value. The company aims to continue its share repurchase program and execute EPS-accretive activities.

Overall, the earnings call provided insights into Alibaba Group's financial performance, core strategies, and future plans. The company remains focused on driving growth, expanding its presence in international markets, and enhancing shareholder value.