March Quarter 2024 Results
May14,2024
1
Disclaimer
This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), including adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see GAAP to Non-GAAP Measures Reconciliation, GAAP to Non-GAAP Net Income Attributable to Ordinary Shareholders and the slides presenting revenue and EBITA by segments.
This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "aim," "estimate," "intend," "seek," "plan," "believe," "potential," "continue," "ongoing," "target," "guidance," "is/are likely to" and similar statements. In addition, statements that are not historical facts, including statements about Alibaba Group's new organizational and governance structure, Alibaba's plan to convert to primary listing in Hong Kong, Alibaba's strategies and business plans, Alibaba's beliefs, expectations and guidance regarding the growth of its business, revenue and return on investments, share repurchases, the business outlook and quotations from management in this presentation, as well as Alibaba's strategic and operational plans, are or contain forward- looking statements. Alibaba may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include but are not limited to the following: Alibaba's corporate structure, including the VIE structure it uses to operate certain businesses in the PRC; Alibaba's ability to maintain the trusted status of its ecosystem; Alibaba's ability to compete, innovate and maintain or grow its revenue or business, including expanding its international and cross-border businesses and operations and managing a large and complex organization; risks associated with sustained investments in Alibaba's businesses; fluctuations in general economic and business conditions in China and globally; uncertainties arising from competition among countries and geopolitical tensions, including protectionist or national security policies and export control, economic or trade sanctions; risks associated with Alibaba's acquisitions, investments and alliances; uncertainties and risks associated with a broad range of complex laws and regulations (including in the areas of data security and privacy protection, anti-monopoly and anti-unfair competition, content regulation, consumer protection and regulation of Internet platforms) in the PRC and globally; cybersecurity risks; impact of the COVID-19 pandemic; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Alibaba's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this presentation is as of the date of this presentation and are based on assumptions that we believe to be reasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
2
Financial Highlights
Three months ended Mar 31, | |||||
(in RMB Mn, except per share data and percentages) | 2023 | 2024 | YoY% | ||
Taobao and Tmall Group | 89,889 | 93,216 | 4% | ||
Cloud Intelligence Group | 24,742 | 25,595 | 3% | ||
Alibaba International Digital Commerce Group | 18,915 | 27,448 | 45% | ||
Cainiao Smart Logistics Network Limited | 18,915 | 24,557 | 30% | ||
Local Services Group | 12,340 | 14,628 | 19% | ||
Digital Media and Entertainment Group | 4,989 | 4,945 | (1)% | ||
All others(1) | 53,303 | 51,458 | (3)% | ||
Total segment revenue | 223,093 | 241,847 | 8% | ||
Unallocated | 232 | 397 | |||
Inter-segment elimination | (15,125) | (20,370) | |||
Consolidated revenue | 208,200 | 221,874 | 7% | ||
Income from operations | 15,240 | 14,765 | (3)% | ||
Share-based compensation expense | 7,546 | 7,123 | |||
Amortization and impairment of intangible assets | 2,494 | 2,081 | |||
Impairment of goodwill, and others | - | - | |||
Net income | 21,996 | 919 | (96)% | ||
Diluted earnings per share(2)(3) | 1.12 | 0.16 | (86)% | ||
Diluted earnings per ADS(2)(3) | 9.00 | 1.30 | (86)% | ||
Non-GAAP Measures | |||||
Adjusted EBITA | 25,280 | 23,969 | (5)% | ||
Non-GAAP net income | 27,375 | 24,418 | (11)% | ||
Non-GAAP diluted earnings per share(2)(4) | 1.34 | 1.27 | (5)% | ||
Non-GAAP diluted earnings per ADS(2)(4) | 10.71 | 10.14 | (5)% |
Twelve months ended Mar 31,
2023 | 2024 | YoY% |
413,206 | 434,893 | 5% |
103,497 | 106,374 | 3% |
70,506 | 102,598 | 46% |
77,512 | 99,020 | 28% |
50,249 | 59,802 | 19% |
18,444 | 21,145 | 15% |
197,115 | 192,331 | (2)% |
930,529 | 1,016,163 | 9% |
866 1,297
(62,708) (76,292)
868,687 | 941,168 | 8% |
100,351 | 113,350 | 13% |
30,831 | 18,546 | |
13,504 | 21,592 | |
3,225 | 11,540 | |
65,573 | 71,332 | 9% |
3.43 | 3.91 | 14% |
27.46 | 31.24 | 14% |
147,911 | 165,028 | 12% |
141,379 | 157,479 | 11% |
6.82 | 7.78 | 14% |
54.56 | 62.23 | 14% |
Notes: During fiscal year 2024, our segment reporting has been updated to reflect our Reorganization and the reclassification of the revenue of our DingTalk business, which was previously reported under Cloud Intelligence Group, to All others, the purpose of which was to provide DingTalk with greater autonomy to promote innovation and enhance competitiveness. Our CODM started to review information under this new reporting structure and segment reporting has been updated to conform to this change as well as the way we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.
- All others include Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform (which mainly consists of UCWeb and Quark businesses), Fliggy, DingTalk (previously reported under Cloud Intelligence Group segment) and other businesses. The majority of revenue within All others consist of direct sales revenue, which is recorded on a gross basis.
- Each ADS represents eight ordinary shares.
- Diluted earnings per share is derived from dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after
adjusting for the ordinary share-to-ADS ratio. | 3 | |
(4) | Non-GAAP diluted earnings per share is derived from dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share, on a diluted basis. Non- |
GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.
Cash Return to Shareholders
Share Repurchase
- During the quarter ended March 31, 2024, we repurchased a total of 524 million ordinary shares (equivalent of 65 million ADSs) for a total of US$4.8 billion. These purchases were made in both the U.S. and Hong Kong markets under our share repurchase program. For the fiscal year ended March 31, 2024, we repurchased a total of 1,249 million ordinary shares (equivalent of 156 million ADSs) for a total of US$12.5 billion.
- As of March 31, 2024, we had 19,469 million ordinary shares (equivalent of 2,434 million ADSs) outstanding, a net decrease of 520 million ordinary shares during the quarter, or a 2.6% net reduction in our outstanding shares after accounting for shares issued under our equity incentive plan. For the full fiscal year ended March 31, 2024, our share repurchase program resulted in a net decrease of 1,057 million ordinary shares, or a 5.1% net reduction in our outstanding shares after accounting for shares issued under our equity incentive plan.
Repurchase amount (US$Bn) Shares repurchased (Mn ADSs) Outstanding shares (Mn ADSs) Net reduction % in total shares outstanding(1)
Three months ended | Twelve months ended | Three months ended | Twelve months ended | |||||||||||||||||
Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | Mar. 31, | |||||||||||
2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | |||||||||||
3.5 | 2.1 | 3.3 | 1.9 | 10.9 | 3.1 | 1.7 | 2.9 | 4.8 | 12.5 | |||||||||||
39 | 24 | 45 | 22 | 130 | 36 | 19 | 37 | 65 | 156 | |||||||||||
2,648 | 2,626 | 2,585 | 2,566 | 2,566 | 2,549 | 2,531 | 2,499 | 2,434 | 2,434 | |||||||||||
3.9%(2) | 5.1% |
Dividends
- Our board of directors has approved a two-part dividend comprised of (i) an annual regular cash dividend for fiscal year 2024 in the amount of US$0.125 per ordinary share or US$1.00 per ADS, and (ii) a one-time extraordinary cash dividend as a distribution of proceeds from disposition of certain financial investments in the amount of US$0.0825 per ordinary share or US$0.66 per ADS, in each case payable in U.S. dollars, to holders of ordinary shares and holders of ADSs, as of the close of business on June 13, 2024, Hong Kong Time and New York Time, respectively. The aggregate amount of the dividend will be approximately US$4.0 billion.
Notes: | 4 |
- Net reduction % in total shares outstanding is calculated by comparing the outstanding number of shares at the end of the fiscal year to the outstanding number of shares at the end of the prior fiscal year.
- As of March 31, 2022, we had 21,357 million ordinary shares (equivalent of 2,670 million ADSs) outstanding.
Income Statement: Selected Financials
Three months ended Mar 31, | Twelve months ended Mar 31, | |||||||||
(in RMB Mn, except percentages) | 2023 | 2024 | YoY% | Change YoY | 2023 | 2024 | YoY% | Change YoY | ||
Income from operations | 15,240 | 14,765 | (3)% | (475) | 100,351 | 113,350 | 13% | 12,999 | ||
Interest and investment income, net | 10,496 | (5,702) | N/A | (16,198) | (11,071) | (9,964) | (10)% | 1,107 | ||
Interest expense | (1,736) | (2,177) | 25% | (441) | (5,918) | (7,947) | 34% | (2,029) | ||
Other income, net | 1,308 | 2,963 | 127% | 1,655 | 5,823 | 6,157 | 6% | 334 | ||
Income before income tax and share of results of | 25,308 | 9,849 | (61)% | (15,459) | 89,185 | 101,596 | 14% | 12,411 | ||
equity method investees | ||||||||||
Income tax expenses | (3,758) | (5,722) | 52% | (1,964) | (15,549) | (22,529) | 45% | (6,980) | ||
Share of results of equity method investees | 446 | (3,208) | N/A | (3,654) | (8,063) | (7,735) | (4)% | 328 | ||
Net income | 21,996 | 919 | (96)% | (21,077) | 65,573 | 71,332 | 9% | 5,759 | ||
Net income attributable to ordinary shareholders | 23,516 | 3,270 | (86)% | (20,246) | 72,509 | 79,741 | 10% | 7,232 | ||
Adjustments to reconcile net income to non-GAAP net income: | ||||||||||
Share-based compensation expense | 7,546 | 7,123 | (6)% | (423) | 30,831 | 18,546 | (40)% | (12,285) | ||
Amortization and impairment of intangible assets | 2,494 | 2,081 | (17)% | (413) | 13,504 | 21,592 | 60% | 8,088 | ||
(Gain) Loss on deemed disposals/disposals/revaluation of investments | (11,804) | 4,994 | N/A | 16,798 | 13,857 | 21,659 | 56% | 7,802 | ||
Impairment of goodwill and investments, and others | 7,290 | 10,657 | 46% | 3,367 | 24,862 | 33,679 | 35% | 8,817 | ||
Tax effects(1) | (147) | (1,356) | 822% | (1,209) | (7,248) | (9,329) | 29% | (2,081) | ||
Non-GAAP net income | 27,375 | 24,418 | (11)% | (2,957) | 141,379 | 157,479 | 11% | 16,100 | ||
Non-GAAP net income attributable to ordinary shareholders | 27,985 | 25,343 | (9)% | (2,642) | 144,029 | 158,587 | 10% | 14,558 | ||
Note: | 5 | |||||||||
(1) Tax effects primarily comprise tax effects relating to share-based compensation expense, amortization and impairment of intangible assets and certain gains and losses from investments, and others. |
Cash Flow & Balance Sheet: Selected Financials
Three months ended Mar 31, | Twelve months ended Mar 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
Cash Flow | RMB Mn | RMB Mn | USD Mn | RMB Mn | RMB Mn | USD Mn | |||||
Net cash provided by operating activities | 31,401 | 23,340 | 3,233 | 199,752 | 182,593 | 25,289 | |||||
Less: | |||||||||||
Purchase of property and equipment (excluding land use rights and construction in | |||||||||||
progress relating to office campuses) | (2,513) | (10,174) | (1,410) | (30,373) | (27,579) | (3,820) | |||||
Purchase of intangible assets (excluding those acquired through acquisitions) | - | - | - | (22) | (842) | (116) | |||||
Changes in the buyer protection fund deposits | 3,379 | 2,195 | 304 | 2,306 | 2,038 | 282 | |||||
Free cash flow | 32,267 | 15,361 | 2,127 | 171,663 | 156,210 | 21,635 | |||||
Net cash outflow relating to capital expenditure | (3,478) | (11,153) | (1,545) | (34,330) | (32,087) | (4,444) | |||||
Net cash inflow (outflow) from investment and acquisition activities(1) | 1,478 | (328) | (45) | (840) | 2,961 | 410 | |||||
Share Repurchase | (12,611) | (34,014) | (4,711) | (74,746) | (88,745) | (12,291) | |||||
As of Mar 31, | As of Mar 31, | ||||||||||
2023 | 2024 | ||||||||||
Balance Sheet | RMB Mn | RMB Mn | USD Mn | ||||||||
Cash and cash equivalents | 193,086 | 248,125 | 34,365 | ||||||||
Short-term investments | 326,492 | 262,955 | 36,419 | ||||||||
Other treasury investments | 40,736 | 106,150 | 14,701 | ||||||||
Cash balance | 560,314 | 617,230 | 85,485 | ||||||||
Less: | |||||||||||
Current and non-current bank borrowings | (59,489) | (68,435) | (9,478) | ||||||||
Current and non-current unsecured senior notes | (101,865) | (102,341) | (14,174) | ||||||||
Net cash position | 398,960 | 446,454 | 61,833 | ||||||||
Note: | 6 | ||||||||||
(1) Net cash inflow (outflow) from investment and acquisition activities represent cash outflow for investment and acquisition activities, net of cash inflow from disposal of investments. |
Cost of Revenue and Operating Expenses
Cost of Revenue (excluding SBC)
(RMB Mn) | |||
Three months ended | Twelve months ended | ||
% of Revenue | |||
66% | 67% | 62% | 62% |
137,588 | 147,207 | 543,985 | 583,311 |
Mar 31, 2023 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2024 |
Sales & Marketing Expenses (excluding SBC) | |||
(RMB Mn) | |||
Three months ended | Twelve months ended | ||
% of Revenue | |||
12% | 13% | 12% | 12% |
24,073 | 28,091 | 99,786 | 112,876 |
Mar 31, 2023 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2024 |
Product Development Expenses (excluding SBC)
(RMB Mn) | |||
Three months ended | Twelve months ended | ||
% of Revenue | |||
5% | 5% | 5% | 5% |
10,942 | 12,048 | 43,230 | 44,633 |
Mar 31, 2023 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2024 |
General & Administrative Expenses (excluding SBC) | |||
(RMB Mn) | |||
Three months ended | Twelve months ended | ||
% of Revenue | |||
5% | 4% | 4% | 4% |
10,317 | 10,559 | 34,286 | 36,339 | |
Mar 31, 2023 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2024 | 7 |
Segment Results: Quarter ended March 31
Three months ended Mar 31, 2024
Alibaba | |||||||||||
International | Cainiao Smart | Digital Media | |||||||||
Cloud | Digital | Logistics | Local | and | |||||||
(in RMB Mn, except percentages) | Taobao and | Intelligence | Commerce | Network | Services | Entertainment | All Others(1) | Unallocated(2) | Inter-segment | ||
Tmall Group | Group | Group | Limited | Group | Group | Total segments | elimination | Consolidated | |||
Revenue | 93,216 | 25,595 | 27,448 | 24,557 | 14,628 | 4,945 | 51,458 | 241,847 | 397 | (20,370) | 221,874 |
Revenue YoY% | 4% | 3% | 45% | 30% | 19% | (1)% | (3)% | 8% | 7% | ||
Adjusted EBITA | 38,501 | 1,432 | (4,085) | (1,342) | (3,198) | (884) | (2,818) | 27,606 | (2,900) | (737) | 23,969 |
Adjusted EBITA YoY Change | (540) | 445 | (1,914) | (1,023) | 865 | 245 | (963) | (2,885) | 1,464 | 110 | (1,311) |
Adjusted EBITA YoY%(3) | (1)% | 45% | (88)% | (321)% | 21% | 22% | (52)% | (9)% | (5)% | ||
Three months ended Mar 31, 2023 | |||||||||||
Alibaba | |||||||||||
International | Cainiao Smart | Digital Media | |||||||||
Cloud | Digital | Logistics | Local | and | |||||||
(in RMB Mn) | Taobao and | Intelligence | Commerce | Network | Services | Entertainment | All Others(1) | Unallocated(2) | Inter-segment | ||
Tmall Group | Group | Group | Limited | Group | Group | Total segments | elimination | Consolidated | |||
Revenue | 89,889 | 24,742 | 18,915 | 18,915 | 12,340 | 4,989 | 53,303 | 223,093 | 232 | (15,125) | 208,200 |
Adjusted EBITA | 39,041 | 987 | (2,171) | (319) | (4,063) | (1,129) | (1,855) | 30,491 | (4,364) | (847) | 25,280 |
Notes: During fiscal year 2024, our segment reporting has been updated to reflect our Reorganization and the reclassification of the results of our DingTalk business, which was previously reported under Cloud Intelligence Group, to All others, the purpose of which was to provide DingTalk with greater autonomy to promote innovation and enhance competitiveness. Our CODM started to review information under this new reporting structure and segment reporting has been updated to conform to this change as well as the way we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.
- All others include Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform (which mainly consists of UCWeb and Quark businesses), Fliggy, DingTalk (previously reported under Cloud Intelligence Group segment) and other businesses.
- Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments.
- For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate.
8
Segment Results: Twelve months ended March 31
Twelve months ended Mar 31, 2024
Alibaba | |||||||||||
International | Cainiao Smart | Digital Media | |||||||||
Cloud | Digital | Logistics | Local | and | |||||||
(in RMB Mn, except percentages) | Taobao and | Intelligence | Commerce | Network | Services | Entertainment | All Others(1) | Unallocated(2) | Inter-segment | ||
Tmall Group | Group | Group | Limited | Group | Group | Total segments | elimination | Consolidated | |||
Revenue | 434,893 | 106,374 | 102,598 | 99,020 | 59,802 | 21,145 | 192,331 | 1,016,163 | 1,297 | (76,292) | 941,168 |
Revenue YoY% | 5% | 3% | 46% | 28% | 19% | 15% | (2)% | 9% | 8% | ||
Adjusted EBITA | 194,827 | 6,121 | (8,035) | 1,402 | (9,812) | (1,539) | (9,160) | 173,804 | (6,190) | (2,586) | 165,028 |
Adjusted EBITA YoY Change | 5,687 | 2,020 | (3,091) | 1,793 | 3,336 | 1,250 | 228 | 11,223 | 5,953 | (59) | 17,117 |
Adjusted EBITA YoY%(3) | 3% | 49% | (63)% | N/A | 25% | 45% | 2% | 7% | 12% | ||
Twelve months ended Mar 31, 2023 | |||||||||||
Alibaba | |||||||||||
International | Cainiao Smart | Digital Media | |||||||||
Cloud | Digital | Logistics | Local | and | |||||||
(in RMB Mn) | Taobao and | Intelligence | Commerce | Network | Services | Entertainment | All Others(1) | Unallocated(2) | Inter-segment | ||
Tmall Group | Group | Group | Limited | Group | Group | Total segments | elimination | Consolidated | |||
Revenue | 413,206 | 103,497 | 70,506 | 77,512 | 50,249 | 18,444 | 197,115 | 930,529 | 866 | (62,708) | 868,687 |
Adjusted EBITA | 189,140 | 4,101 | (4,944) | (391) | (13,148) | (2,789) | (9,388) | 162,581 | (12,143) | (2,527) | 147,911 |
Notes: During fiscal year 2024, our segment reporting has been updated to reflect our Reorganization and the reclassification of the results of our DingTalk business, which was previously reported under Cloud Intelligence Group, to All others, the purpose of which was to provide DingTalk with greater autonomy to promote innovation and enhance competitiveness. Our CODM started to review information under this new reporting structure and segment reporting has been updated to conform to this change as well as the way we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation.
- All others include Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform (which mainly consists of UCWeb and Quark businesses), Fliggy, DingTalk (previously reported under Cloud Intelligence Group segment) and other businesses.
- Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments.
- For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate.
9
Taobao and Tmall Group
Xianyu
Business Highlights
- Under our strategy to put users first and develop systems for brands, merchants and industrial belt manufacturers to operate with high efficiency on our platform, we aim to provide a shopping experience that satisfies all aspects of consumption needs with quality products and services at attractive prices. We are increasing strategic investment in areas such as price competitive product supplies, customer service, membership program benefits and technology, aiming to enhance user experience, which resulted in improved consumer retention and higher purchase frequency.
- Our strategy of price-competitiveness and focus on user experience is yielding results. During the quarter, we achieved double-digit online GMV and order growth year- over-year, driven by strong increase in the number of purchasers and purchase frequency.
- Importantly, the number of 88VIP members increased by double digits year-over-year, surpassing 35 million during the quarter. We will continue to increase the subscription of 88VIP membership among our premium shoppers by improving customer service and enhancing program benefits.
Three months ended Mar 31, | Twelve months ended Mar 31, | ||||||
(in RMB Mn, except percentages) | 2023 | 2024 | YoY % | 2023 | 2024 | YoY % | |
Customer management | 60,545 | 63,574 | 5% | 291,541 | 304,009 | 4% | |
Direct sales and others | 25,212 | 24,690 | (2)% | 103,811 | 110,405 | 6% | |
China commerce wholesale | 4,132 | 4,952 | 20% | 17,854 | 20,479 | 15% | |
Revenue | 89,889 | 93,216 | 4% | 413,206 | 434,893 | 5% | |
Adj. EBITA | 39,041 | 38,501 | (1)% | 189,140 | 194,827 | 3% |
China Commerce Retail Revenue
- Revenue from our China commerce retail business in the quarter ended March 31, 2024 was RMB88,264 million (US$12,224 million), an increase of 3% compared to RMB85,757 million in the same quarter of 2023.
- Customer management revenue increased by 5% year-over-year, primarily due to a double-digityear-over-year growth in online GMV, excluding unpaid orders, partly offset by a decline in overall take rate. The overall take rate decreased year- over-year primarily due to the increase in online GMV mainly coming from Taobao merchants and the introduction of new models that currently have low monetization rates.
- Direct sales and others revenue under China commerce retail business in the quarter ended March 31, 2024 was RMB24,690 million (US$3,419 million), a decrease of 2% compared to RMB25,212 million in the same quarter of 2023.
China Commerce Wholesale Revenue
- Revenue from our China commerce wholesale business in the quarter ended March 31, 2024 was RMB4,952 million (US$686 million), an increase of 20% compared to RMB4,132 million in the same quarter of 2023, primarily due to an increase in revenue from value-addedservices provided to paying members.
Segment Adjusted EBITA
- Taobao and Tmall Group adjusted EBITA was RMB38,501 million (US$5,332 million) in the quarter ended March 31, 2024, compared to RMB39,041 million in the same quarter of 2023, primarily due to the increase in investment in user experience (which resulted in improved consumer retention and higher
purchase frequency) and technology infrastructure, partly offset by the increase | |
in revenue from customer management service. | 10 |
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Alibaba Group Holding Ltd. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 11:22:02 UTC.