18 Nov 2024 CMB International Global Markets | Equity Research | Company Update Alibaba (BABA US) Results inline; solid execution towards achieving development goal Alibaba reported inline-with-Bloomberg consensus 2QFY25 (March year-end) results: total revenue was RMB236.5bn, up 5.2% YoY, while adjusted EBITA/non-GAAP net income for the quarter was RMB40.6bn/36.5bn, -5.3%/- 9.0% YoY, owing to incremental investment in user experience improvement for Taobao & Tmall (T&T) Group (5% YoY decline in EBITA), and ...

Alibaba Group saw its offerings in artificial intelligence (AI) drive growth in both its retail and its cloud businesses during the quarter ended Sept. 30.“This quarter, our core business segments maintained steady growth guided by our user-first, AI-driven strategy,” Alibaba Group CEO Eddie Wu said Friday (Nov. 15) during the company’s quarterly earnings call.In its Taobao and Tmall Group, the company saw a steady increase in merchant adoption of its AI-powered marketing tool, Quanzhantui. Alibaba expects ...

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Financial Data and Key Metrics Changes - Total consolidated revenue was RMB236.5 billion, an increase of 5% year-over-year [23] - Non-GAAP net income was RMB36.5 billion, a decrease of 9% [24] - GAAP net income was RMB43.5 billion, an increase of 63% [24] - Free cash flow this quarter was RMB13.7 billion, a decrease of 70% compared to RMB45.2 billion in the same quarter last year [25] Business Line Data and Key Metrics Changes - Revenue for Taobao and Tmall was RMB99 billion, an increase of 1% [27] - Revenue from Cloud Intelligence Group was RMB29.6 billion, an increase of 7% [29] - Revenue from international commerce retail business increased by 35% to RMB25.6 billion [31] - Revenue from AIDC grew 29% this quarter, primarily driven by cross-border business [30] Market Data and Key Metrics Changes - Monthly active consumers on Taobao and Tmall reached a new all-time high [4] - AI-related product revenue maintained triple-digit growth for the fifth consecutive quarter [29] - Revenue from China grew 8% to RMB24.6 billion, driven by cross-border fulfillment solutions [33] Company Strategy and Development Direction - The company is focused on a user-first AI-driven strategy to enhance operational efficiency and monetization capabilities [4][5] - Continued investment in core user groups and product categories to drive sustainable growth [7] - Emphasis on AI infrastructure and cloud services to capture increasing demand for AI-driven solutions [9][18] Management Comments on Operating Environment and Future Outlook - Management is optimistic about government macro stimulus policies and their long-term economic impact [7] - The company acknowledges intense e-commerce competition but remains confident in its growth strategies [11] - Future investments will focus on enhancing operational efficiency and achieving profitability at scale [15] Other Important Information - The company repurchased shares totaling US$10 billion in the first half of the fiscal year [20] - As of September 30, 2024, the company maintained a strong net cash position of RMB352.1 billion or US$50.2 billion [25] - The company has US$22 billion in authorization for further share repurchase programs [21] Q&A Session Summary Question: Feedback on Single's Day promotions and macro outlook - Management noted that results from merchants exceeded expectations during the campaign, and the macro stimulus measures are expected to positively impact consumption trends [40][43] Question: Take rate stability and Quanzhantui adoption - Management confirmed that take rate has stabilized due to the implementation of a software service fee and deeper penetration of Quanzhantui, but new business models with low monetization are offsetting this [45][46] Question: Investment strategies and TTG EBITDA outlook - Management indicated that Taobao and Tmall are in an investment phase, focusing on user experience and merchant support, which may lead to fluctuating EBITDA in the near term [49][52] Question: Impact of trade-in subsidy programs - Management confirmed significant growth acceleration in relevant categories since the launch of trade-in subsidies, with expectations for continued regional variations in policy impact [65][69] Question: Future profitability of the cloud business - Management emphasized the importance of technology advantage and scale in cloud profitability, with aggressive investments in AI infrastructure to meet growing demand [61][74]

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It’s a big morning for economic data, concluding a week that gave us a new Inflation Rate (+2.6%) with CPI for October mid-week, followed by PPI yesterday. Similarly to those figures, the economy again looks to be heating up.Pre-market futures are down at this hour, with the Dow -140 points, the S&P 500 -30 and the Nasdaq -180 points. The relief rally following election results last week looks to have given way to caution. Bond yields are up roughly 15 basis points (bps) on the week, suggesting there is now ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Friday, November 15, 2024It’s a big morning for economic data, concluding a week that gave us a new Inflation Rate (+2.6%) with CPI for October mid-week, followed by PPI yesterday. Similarly to those figures, the economy again looks to be heating up.Pre-market futures are down at this hour, with the Dow -140 points, the S&P 500 -30 and the Nasdaq -180 points. The relief rally following election results last week looks to have given way to caution. Bond yields are up roughly 15 basis points (bps) on the week ...

It has been a whirlwind for Alibaba Group Holding Limited (NYSE: BABA ) stock and its Chinese peers recently. Beijing’s streak of stimulus measures introduced since October and the central government’s vow to reach the “about 5%” growthAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensat ...

Key TakeawayswAlibaba Group shares traded in the U.S. were lower Friday morning. The Chinese ecommerce giant posted higher-than-expected quarterly earnings on the back of cloud operations growth, but revenue was lower than expected.The company said that net income in its September quarter soared 63% year-over-year, beating the expectations of analysts polled by Visible Alpha.Revenue, up 5% year-over-year, undershot analysts' estimates. Alibaba Group's (BABA) US-traded shares were down around 3% in Friday mo ...