Alibaba Group reported revenues of RMB22.9 billion (US$30.7bn) for the quarter ended March 31, 2024, representing an increase of 7 percent year-over-year. Income from operations was RMB14.8 billion (US$2.0bn), a decrease of 3 percent year-over-year. Net income attributable to ordinary shareholders was RMB3.3 billion (US$453 million). Net income was RMB919 million (US$127 million), a decrease of 96 percent year-over-year, primarily attributable to a net loss from investments in publicly-traded companies during the quarter, compared to a net gain in the same quarter last year, due to the mark-to-market changes, the company explained.
For the full fiscal year ended March 31, 2024, revenues increased 8 percent to RMB941.2 billion (US$130.4bn). Income from operations was RMB113.4 billion (US$15.7bn), an increase of 13 percent year-over-year. Net income attributable to ordinary shareholders was RMB79.7 billion (US$11.0bn). Net income was RMB71.3 billion (US$9.9bn), an increase of 9 percent year-over-year.
During fiscal year 2024, the company repurchased US$12.5 billion of shares and its board of directors approved a US$4.0 billion dividend for the fiscal year, said Toby Xu, Chief Financial Officer of Alibaba Group.
As of March 31, 2024, Alibaba Group had a total of 204,891 employees. Alibaba is the largest e-commerce group in China by market share.
