.August 15, 2024 10:21:00 AM

Alibaba’s stock rose over 2% after reporting Q1 results. Earnings per share were RMB16.44, beating estimates of RMB15.00, but revenue was slightly lower at RMB243.24 billion compared to the expected RMB248.38 billion.

Taobao and Tmall Group revenue was RMB113.37 billion, up 22% but below the expected RMB117.58 billion. International Digital Commerce Group revenue was RMB29.29 billion, just under the forecast of RMB29.56 billion.

Alibaba’s Cloud Intelligence Group revenue was RMB26.55 billion, exceeding the RMB26.27 billion estimate. Adjusted EBITDA for the quarter was RMB51.16 billion, higher than the projected RMB47.52 billion.

CEO Eddie Wu emphasized improving user experience, stabilizing market share, and driving growth in cloud business, particularly in AI products.