Summary by Moomoo AI
Alibaba Group Holdings Limited (“Alibaba” or the “Group”) announced on 14 May 2024 its quarterly and financial results for the year ended 31 March 2024. The report showed that the Group's quarterly revenue was RMB2,218.74 billion (approximately US$307.29 billion), up 7% year-on-year; operating profit was RMB147.65 billion (approximately US$20.45 million), down 3% year-on-year. WU Ying-ming, the Group's CEO, said that the Group's strategy is effective and is returning to the growth track. Xu Hongzhi, Chief Financial Officer, said that the Group's strong performance this quarter was full of confidence in the outlook for the business. In fiscal 2024, the Group has repurchased $125 billion in shares and approved a dividend of $40 billion. In addition, the Group plans to complete a major listing conversion in Hong Kong by the end of August 2024. The Group's Board of Directors also approved the change of directors and chief executive officers of six major business groups.