Alibaba’s profit jumps 333% in December quarter 2024

Hangzhou, 20th February: Last week, the Alibaba Group, the largest e-commerce company in China, released its results for the quarter ended 31st December 2024. The company posted total revenues of US$38 billion in the quarter, up 8% year-on-year.

The net income jumped 333% year-on-year, reaching US$6.4 billion. The company attributed the increase to increase in income from operations, mark-to-market changes from its equity investment.

Revenues from Alibaba’s B2B business in China under the Taobao and Tmall Group, primarily generated through 1688.com, were US$901 million, a year-on-year increase of 24%. Meanwhile, the B2B business under the Alibaba International Digital Commerce Group, primarily operating through Alibaba.com, generated revenues of US$850 million, an 18% increase over the previous year. B2B revenues accounted for only 4.6% of the group’s total revenues in the quarter.

Alibaba also announced its results for the nine months ended 31st December. Revenues in the nine-month period were US$104 billion, an increase of 5.6% year-on-year. Net income grew 62% in the period, amounting at US$16 billion. Diluted earnings per share in the first nine months of the financial year were RMB 6.04 (US$0.83).

Eddie Wu, Chief Executive Officer of Alibaba Group, was quoted, “This quarter’s results demonstrated substantial progress in our ‘user first, AI-driven’ strategies and the reaccelerated growth of our core businesses… Looking ahead, revenue growth at Cloud Intelligence Group driven by AI will continue to accelerate. We will continue to execute against our strategic priorities in e-commerce and cloud computing, including further investment to drive long-term growth.”