Alibaba Group Holding Limited (NYSE:BABA) stock is trading higher Thursday after the company’s fiscal third-quarter report.
The Jack Ma co-founded e-commerce giant reported fiscal third-quarter 2024 revenue growth of 8% year-on-year to $38.38 billion, beating the analyst consensus estimate of $38.19 billion. Adjusted earnings per ADS of $2.93 beat the analyst consensus estimate of $2.66. Adjusted net income rose 7% Y/Y to $7 billion.
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Segments: Revenue from Taobao and Tmall Group grew by 5% year over year to $18.64 billion. Revenue from Alibaba International Digital Commerce Group increased by 32% year over year to $5.17 billion, driven by the growth of cross-border businesses.
Local Services Group revenue grew by 12% year over year to $2.33 billion, driven by the order growth of Amap and Ele.me and revenue growth from marketing services.
Cainiao Smart Logistics Network Limited’s revenue decreased 1% year over year to $3.87 billion due to ongoing restructurings with its e-commerce businesses taking on specific logistics platform roles.
Cloud Intelligence Group revenue grew by 13% Y/Y to $4.35 billion.
Digital Media and Entertainment Group rose 8% Y/Y to $745 million. All other revenue grew by 13% Y/Y at $7.28 billion.
In the Taobao and Tmall Group, customer management revenue grew 9% year over year due to the growth in online GMV and improvement in take rate.
Revenue from China’s commerce retail business grew 5% year over year to $17.74 billion, while direct sales and other revenue declined by 9% year over year to $3.94 billion, primarily attributable to our planned reduction of certain direct sales businesses.
Revenue from China’s commerce wholesale business grew by 24% year over year to $901 million due to the increase in revenue from value-added services provided to paying members.
Alibaba International Digital Commerce Group: International commerce retail business revenue grew by 36% year over year to $4.32 billion, primarily driven by the increase in revenue contributed by AliExpress’ Choice and Trendyol. International commerce wholesale business revenue grew by 18% Y/Y to $850 million.
Cloud Intelligence Group:Â Overall revenue, excluding Alibaba-consolidated subsidiaries, increased by 11% Y/Y, which was mainly driven by the double-digit revenue growth of public cloud products, including AI-related products. Recently, Alibaba launched its first cloud region in Mexico.
As of December 31, 2024, Alibaba held $83.58 billion in cash and equivalents and generated an operating cash flow of $9.72 billion, up 10% year over year.