On November 16, Alibaba Group released its financial results for the second quarter of the 2024 fiscal year. The financial report showed that during the reporting period, Alibaba Group’s revenue reached RMB 224.79 billion ($31 billion), representing a year-on-year growth of 9%. Adjusted EBITA (a non-GAAP financial indicator) increased by 18% year-on-year to RMB 42.845 billion ($5.9 billion), surpassing market expectations.
Alibaba Group CEO, Wu Yongming, stated that the company’s performance in this quarter was robust, with several businesses demonstrating new momentum and vitality. The proactive self-transformation efforts have yielded significant results. As Alibaba enters a new phase of development, the strategic focus and priority direction have been clearly defined. “We will maintain an entrepreneurial mindset, invest more decisively, make more resolute choices, seize new opportunities brought by AI technology transformation with a more flexible governance mechanism, and create more customer value.”
The financial report revealed that in this quarter, Taobao Group’s user-first, ecosystem flourishing, and technology-driven strategies have shown effectiveness. The participating merchants, transaction buyers, and order volume of Tmall’s Double 11 all achieved positive growth compared to the same period last year. The Cloud Intelligence Group reduced project-based contract revenue with lower profit margins while experiencing growth in public cloud revenue, optimizing profitability.
Benefiting from strong growth in global businesses, Alibaba International Digital Commerce Group achieved a year-on-year revenue growth of 53%, while Cainiao Group’s revenue increased by 25%. Meanwhile, the recovery in offline activities drove strong user demand, leading to a 16% year-on-year revenue growth for the Local Services Group and an 11% year-on-year revenue growth for the Digital Media and Entertainment Group.
In addition, the number of users, transaction buyers, and order volume on the Taobao app continued to grow. The 88VIP membership saw double-digit growth year-on-year, surpassing 30 million in scale. The advantages in terms of user scale, user quality, merchant scale, market scale, and more have further expanded.
