Alibaba Reports Strong Growth in International Digital Commerce

45% Revenue Increase

Hangzhou, China - August 15, 2024 - Alibaba Group Holding Limited (NYSE: BABA) today announced its financial results for the quarter ended March 31, 2024.

Revenue from Alibaba International Digital Commerce Group (AIDC) saw a significant increase of 45% year-over-year, reaching RMB27448 million for the quarter. This growth was driven by strong performance across all major business units, including e-commerce, cloud computing, and digital media and entertainment.

Overall Revenue Growth

Alibaba Group's overall revenue for the quarter was RMB221874 million (US$30729 million), an increase of 7% year-over-year. This growth was primarily attributed to Alibaba's core e-commerce business and the expansion of its cloud computing and digital media segments.

Key Financial Highlights

• Revenue: RMB221874 million, up 7% year-over-year
• AIDC Revenue: RMB27448 million, up 45% year-over-year
• Gross Merchandise Volume (GMV): RMB1.7 trillion, up 11% year-over-year
• Annual Active Consumers (AACs): 1.31 billion

Forward Outlook

Alibaba Group remains optimistic about its long-term growth prospects, despite ongoing macroeconomic challenges. The company expects to continue investing in its core e-commerce business, cloud computing, and digital media segments to drive future growth.