Alibaba shares up 8%so far this year، revenue rises most since Sept.2021
Chinese e-commerce giant Alibaba Group shares rose about 8% so far this year and its U.S.-traded shares up by 5% by the end of last week after it announced that the revenue grew by 14% year on year in the quarter ended June to reach 234.16 billion yuan ($32.29 billion) to record the biggest annual increase in sales since the September 2021 versus 224.92 billion yuan expected and comparing to 205.26 billion yuan in the same quarter last year.
Alibaba Group's international commerce retail surging by 60% year on year
Chinese e-commerce giant Alibaba Group's CEO and Chairman Daniel Zhang stated that the company delivered a solid quarter as it continues to execute its Reorganization plan، which is beginning to unleash new energy across its businesses by pushing into overseas markets which bore good results، with revenue from international commerce retail surging by 60% year on year to 17.14 billion yuan in the June quarter.
Chinese e-commerce giant Alibaba Group's CEO and Chairman Daniel Zhang added that net income attributable to ordinary shareholders rose to 34.33 billion yuan in the June quarter versus 28.66 billion yuan expected، up 51% year on year.
Alibaba Group bought back $3.1 billion worth of ADRs
Morningstar reported that Chinese e-commerce giant Alibaba Group bought back $3.1 billion worth of ADRs during the June quarter، which is supported by continuous generation of strong free cash flow that reached to RMB39.1 billion in the quarter، up 76% from a year earlier.
Toby Xu Chief Financial Officer of Chinese e-commerce giant Alibaba Group said that Alibaba’s main business، Taobao and Tmall Group، saw revenue rise 12% year on year i china to 114.95 billion yuan in the June quarter.
Alibaba is well-positioned to take advantage of China's consumption recovery
Toby Xu Chief Financial Officer of Chinese e-commerce giant Alibaba Group affirmed that Alibaba is well-positioned to take advantage of China's consumption recovery that the Taobao app for online shopping saw daily active users rise in June by 6.5% from a year ago and rose further to more than 7% last July.
Chinese e-commerce giant Alibaba Group's CEO and Chairman Daniel Zhang revealed that the international demand also helped drive revenue for Alibaba’s Cainiao logistics business up by 34% to reach 23.16 billion yuan during the same period، April-june.
Alibaba’s cloud business revenue growth of 4%
Chinese e-commerce giant Alibaba Group's CEO and Chairman Daniel Zhang warned that Alibaba’s cloud business revenue growth of 4% only to 25.12 billion yuan but those results were dragged down by a drop in revenue from top customers as well as reduced need for remote work، streaming and education services in the wake of the coronavirus pandemic.
However، Chinese e-commerce giant Alibaba Group's CEO and Chairman Daniel Zhang expected strong demand in its cloud business for training artificial intelligence models and related services as the growth opportunity driven by AI services have just begun and the technology revolution built by AI is not a short term opportunity but the beginning of a new era.
Alibaba Group's to invest further in AI development
He highlighted plans to invest further in AI development and business opportunities that the Taobao app has the greatest potential to become a one stop smart portal for life and consumption enabled by AI.
Chinese e-commerce giant Alibaba Group's CEO and Chairman Daniel Zhang announced earlier this month it will be opening a version of its large language model (LLM) called Tongyi Qianwen model to third-party developers as many companies in China have rushed to announce their plans for similar products since ChatGPT isn’t officially available in China after the craze over OpenAI’s ChatGPT in the last several months، amid regulatory uncertainty، most similar AI products in China have focused on working with business partners rather than offering public-facing chatbots.
Alibaba launched LLM، an artificial intelligence model
In April، Alibaba launched a LLM that is an artificial intelligence model trained on huge amounts of data and it is also the basis for generative AI applications، such as ChatGPT، which generate human-like responses to user prompts.
Hangzhou-headquartered Alibaba has been undergoing major changes in recent months such as it would split into six business groups، with some having the ability to raise outside funding and go public and it plans to publicly list its cloud computing division.
Chinese e-commerce giant Alibaba Group mentioned earlier that current CEO and Chairman Daniel Zhang will be stepping down in September، but remain head of Alibaba’s cloud computing business، as it pushes toward a public listing and Alibaba veteran Eddie Wu will succeed him as CEO، and Joe Tsai will take over as chairman.
