From Nasdaq.: 2024-05-14 14:15:10

Alibaba Group reported Q1 2024 earnings with a return to healthy growth in core businesses, including double-digit GMV growth in Taobao and Tmall, and a 45% increase in international digital commerce revenue. Alibaba Cloud saw triple-digit growth in AI-related revenue, positioning them for further success in the AI-driven technological innovation era.

The company remains focused on enhancing user experience, increasing consumption and purchase frequency, and expanding monetization mechanisms. Alibaba Cloud’s strategic partnerships and innovative products, such as the Tongyi large model, are driving growth in AI infrastructure. Overseas e-commerce revenue grew 45%, with a focus on cross-border retail operations and consumer experience.

Amidst a year of self-transformation, Alibaba Group withdrew Cainiao’s IPO application to strengthen its logistics network and support e-commerce operations. CEO Eddie Wu emphasized a commitment to executing a user-first, AI-driven strategy for long-term company development. Co-Chairman and CEO Jiang Fan highlighted key growth strategies and partnerships for continued success in the global market.



Read more at Nasdaq.: Alibaba Group (BABA) Q1 2024 Earnings Call Transcript