Chinese e-commerce giant Alibaba on Friday, November 15, released information about its earnings for the third quarter of 2024.
The mentioned company’s net income for the specified period was fixed at 43.9 billion yuan ($6.07 billion). This indicator showed an increase of 58% year-on-year. The corresponding result is largely related to the performance of the company’s equity investments. It is worth noting that the LSEG forecast provided that the net income of the Chinese e-commerce giant for the mentioned quarter would amount to 25.83 billion yuan.
In the company’s earnings statement, it was noted that the growth of the specified indicator year-on-year is also associated with a decrease in impairment of investments and an increase in income from operations.
Alibaba’s revenue for July-September 2024 was fixed at 236.5 billion yuan. This indicator increased by 5% year-on-year. The LSEG forecast provided that the revenue of the Chinese e-commerce giant for the third quarter of the current year would be fixed at 238.9 billion yuan.
Since the beginning of 2024, Alibaba’s shares, listed in New York, have shown growth of more than 13%. At the same time, on Friday, against the background of data on the company’s earnings for the last quarter, the corresponding indicator fell by more than 2% during morning trading.
Alibaba’s main business units, Taobao and Tmall Group, generated revenue of 98.99 billion yuan for July-September 2024. This indicator increased by 1% year-on-year. It is worth noting that investors are closely monitoring the dynamic of revenue of the mentioned units.
As we have reported earlier, Alibaba Launches AI Search Tool for Small Businesses.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
