Daily Management Review

Alibaba's net profit doubles in Q1


The online retailer Alibaba increased its net profit to $4.735 billion.

Andy Mitchell
Andy Mitchell
Alibaba, the largest Internet company in China, reported in a press release that its net profit, attributable to owners of common shares, climbed by 51% year over year to $4.735 billion at the end of the first quarter of fiscal year 2023–2024 (ended June 30).

Diluted earnings per share were $0.23 this time after $0.14 in the same period of the prior fiscal year. Adjusted EBITDA increased by 27% to $7.178 billion. Revenue for Alibaba rose 14% to $32.292 billion.

"Alibaba delivered a strong performance in the quarter as we continue to execute our reorganization, which is beginning to unleash new strength in our business," said Alibaba CEO Daniel Zhang, who was mentioned in the press release.

source: bloomberg.com