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Alibaba sees most profitable year since 2021 amid a refocus on e-commerce, AI businesses and rising competition at home
- Alibaba net income rose 10 per cent to US$11 billion in the 2023 financial year, the first annual results since co-founder Joe Tsai took over as chairman
- The strong annual results come despite declining profit in the final quarter, which saw non-GAAP net income fall 11 per cent
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Alibaba Group Holding reported its most profitable financial year since 2021, as revenue beat analysts’ forecasts, signalling that one of China’s largest technology companies is back on a growth path as it refocuses on core business units amid tougher competition at home.
The e-commerce giant grew net income 10 per cent to 79.7 billion yuan (US$11 billion) in the year through March, beating the 72.5 billion yuan in profit from the previous year despite a decline in the final quarter.
Revenue for the year grew 8 per cent to 941.2 billion yuan, beating the consensus estimate of 939.7 billion yuan, in the first annual results released since co-founder Joe Tsai took over as chairman in September.
The March quarter results were slightly weaker than the year as a whole. The Hangzhou-based company, which owns the South China Morning Post, grew 7 per cent year on year to 221.9 billion yuan in revenue for the quarter, beating the consensus estimate of 219.8 billion yuan. Growth was faster than the 5 per cent seen in the December quarter.
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