TECH - Alibaba Stock Dips as Huge Investment Losses In Q4 Overshadow Revenue Growth and Dividend | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) stock is trading lower Tuesday after the company reported its quarterly results.
The Jack Ma co-founded e-commerce giant reported fiscal fourth-quarter 2023 revenue growth of 7% year-on-year to $30.73 billion, beating the analyst consensus estimate of $30.40 billion. Adjusted earnings per ADS of $1.40 missed the analyst consensus estimate of $1.41.
Net income plunged 86% Y/Y to $453 million due to net loss from its investments in publicly traded companies during the quarter. Adjusted net income declined 11% Y/Y to $3.38 billion.
Segments: Taobao and Tmall Group revenue grew 4% year over year to $12.91 billion. Alibaba International Digital Commerce Group revenue increased by 45% year over year to $3.80 billion. Local Services Group revenue grew by 19% year over year to $2.03 billion, driven by Ele.me and Amap.
Cainiao Smart Logistics Network Limited’s revenue increased 30% year over year to $3.40 billion, primarily due to revenue from cross-border fulfillment services supporting AliExpress.
Cloud Intelligence Group revenue grew by 3% Y/Y to $3.55 billion. Digital ...