<div id="readability-page-1"><p><img width="800" height="533" src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/06/near-protocol-and-alibaba-partnership.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/06/near-protocol-and-alibaba-partnership.jpg"/></p><p>Alibaba Group Holdings reported some truly concerning Q4 2024 financial results today before US markets opened.</p><p>After a difficult quarter for the Chinese economy, as well as intensifying competition from online shopping rivals such as Temu, investors weren’t sure what to expect from the earnings – except that they would improve upon the previous quarter’s dismal results, which had included net income declining more than 70%.</p><p>Read our Alibaba earnings forecast: should you buy or sell the BABA dip?</p><p>Unfortunately, it only grew worse from there.</p><h2>Today’s results</h2><p>Alibaba reported an even worse net income of $127 million for the quarter, a staggering drop of 96% (RMB21,077 million) year-on-year.</p><p>Income from operations showed a decrease of 3% year-on-year (YoY) to $2.04 billion (s RMB14,765 million).</p><p>Revenue was $30.7 billion (RMB221,874 million), an increase of 7% year-over-year.</p><p>Meanwhile, earnings per share (EPS) were down 5% YoY to $1.40 (RMB10.14) per share, or non-GAAP diluted EPS of $0.18 per share. </p><p>Net cash provided by operating activities was  $3.23 billion (RMB23,340 million), a decrease of 26% compared to RMB31,401 million in the same quarter of 2023. </p><h2>Forward-looking guidance</h2><p>In its press statement detailing the results today, Alibaba said that:</p><p>Our strategy of price-competitiveness and focus on user experience is yielding results. During the quarter, we achieved double-digit online GMV and order growth year-over-year, driven by strong increase in the number of purchasers and purchase frequency. For the quarter ended March 31, 2024, revenue from Taobao and Tmall Group grew 4% year-over-year to RMB93,216 million (US$12,910 million).”</p><h2>Earnings expectations</h2><p>These grim results were largely in line with expectations and did little to shock markets.</p><p>Ahead of the announcement, analysts forecast that the company would announce revenues of around $30.42 billion, below the previous quarter’s amount of $36.6 billion but slightly above the $29.1 billion reported the previous year.</p><p>Earnings per share (EPS) were anticipated to come in at around $1.42, lower than the $1.50 declared a year prior in the same quarter. Today’s EPS disappointed marginally, with $0.02 less than expected on the EPS. </p><h2>Previous results</h2><p>Today’s results represented little improvement upon Q3’s results for FY 2024, which were released in February. </p><p>In its previous quarter, Alibaba announced subdued results, including a 36% drop in year-over-year income from operations, which stood at $3.1 billion (RMB22 511 million).</p><p>Net income also fell a staggering 77% to just $2.03 billion</p><p>Revenues for the quarter were $36.6 billion (RMB 260 348 million), which represented a 5% increase year-on-year (YoY).</p><p>The post Alibaba Group reports 96% plummet in net income with BABA earnings appeared first on Invezz</p></div>

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<p>Alibaba Group reported a 96% year-on-year drop in net income to $127 million for Q4 2024, amid a challenging Chinese economy and competition from rivals like Temu. Revenue increased by 7% to $30.7 billion, while earnings per share fell 5% to $1.40. Despite a strategy focusing on price-competitiveness and user experience, the results were in line with expectations, showing little improvement from the previous quarter.</p>