On August 15th, Alibaba released its quarterly performance as of June 30th, with revenue of 243.236 billion yuan, a year-on-year increase of 4%. The net profit attributable to common shareholders was 24.269 billion yuan, a year-on-year decrease of 29%. The operating profit was 35.989 billion yuan, a year-on-year decrease of 15%.
Alibaba stated that for the three months ending June 30th, Taobao Group's revenue was 113.373 billion yuan, a year-on-year decrease of 1%. The revenue of Cloud Intelligence Group was 26.549 billion yuan, a year-on-year increase of 6%. The revenue of the International Digital Business Group was 29.293 billion yuan, a year-on-year increase of 32%. Cainiao Group's revenue was 26.811 billion yuan, a year-on-year increase of 16%. The revenue from the local lifestyle group was 16.229 billion yuan, a year-on-year increase of 12%. The revenue of Da Culture and Entertainment Group was 5.581 billion yuan, a year-on-year increase of 4%.
Alibaba Group CEO Wu Yongming stated that this quarter's performance demonstrates the effectiveness of the company's strategy. The company focuses on improving user experience through good goods, good prices, and good services, driving Taobao Group to stabilize its market share and return its business to a growth track. The cloud computing business revenue has achieved positive growth momentum, thanks to the increased adoption of public cloud and artificial intelligence related products. The company will continue to invest to maintain its market leading position.
In addition, the announcement shows that during the quarter ending June 30, 2024, the company repurchased a total of 613 million ordinary shares (equivalent to 77 million American Depositary Shares) for a total price of $5.8 billion, including approximately $1.2 billion of American Depositary Shares repurchased through non-public market transactions on May 23, 2024, when convertible notes were issued.
As of press time, Alibaba's US stock market fell more than 4% in pre-market trading.