Alibaba Reports 1FQ Results: Non-GAAP Net Profit Drops 9.4% to RMB40.691 Billion

Alibaba Group announced its first fiscal quarter results for the period ending June 30, 2024. The company reported a net profit of RMB24.269 billion, a 29.3% decrease year-over-year (YoY). On a non-GAAP basis, net income was RMB40.691 billion, down 9.4% YoY, aligning with analyst forecasts and surpassing the median forecast of RMB39.33 billion.

Adjusted EBITA for the quarter was RMB45.035 billion, slightly down by 0.7% from the previous year but exceeded the upper end of analyst forecasts. The adjusted EBITA margin remained stable at 19% YoY.

During the quarter, Alibaba repurchased 613 million ordinary shares, equivalent to 77 million ADSs, spending a total of $5.8 billion. CFO Toby Xu highlighted that the company continued to invest in its core businesses while improving operating efficiency and returning significant value to shareholders.