From CNBC: 2025-02-20 06:02:10

Alibaba Group Holding Ltd. is overhauling its operations, setting a template for restructuring China Tech and unlocking shareholder value. In the December quarter, Alibaba beat expectations with net income reaching 48.945 billion yuan and revenue at 280.154 billion yuan. The stock surged 50% in 2023. CEO Eddie Wu highlighted growth in core businesses and Cloud Intelligence Group.

Alibaba’s Cloud Intelligence Group saw a 13% sales growth, reaching 31.742 billion yuan. The company’s tech activities are closely watched, especially after partnering with Apple for AI features on iPhones in China. Market focus on Chinese tech intensified after DeepSeek’s new AI model release, with Alibaba introducing its ChatGPT-style product, Tongyi Qianwen (Qwen).

Founder Jack Ma attended a closed-door meeting with Chinese President Xi Jinping, encouraging private businesses to innovate. Alibaba’s Taobao and Tmall Group reported a 5% revenue increase to 136.091 billion yuan in Q4. Chinese retail sales rose 3.7% in December, despite concerns over consumer spending weakness. Inflation accelerated in January.



Read more at CNBC:: Alibaba (BABA) earnings Q3 2024