Summary by Moomoo AI
Alibaba Group Holding Limited (NYSE: BABA), a leading global technology company, announced its financial results for the quarter ended June 30, 2024, on August 15, 2024. The company reported a revenue increase of 4% year-over-year to RMB 243.2 billion (US$33.47 billion). However, income from operations decreased by 15% to RMB 36 billion (US$4.95 billion), primarily due to a reversal of share-based compensation expense from the previous year. Adjusted EBITA, a non-GAAP measurement, decreased by 1% year-over-year to RMB 45 billion (US$6.2 billion). Net income attributable to ordinary shareholders was RMB 24.3 billion (US$3.34 billion), a decrease of 27% year-over-year, mainly due to a decrease in income from operations and an increase in impairment of investments. The company also reported a decrease in net cash...Show More