Alibaba Group has reported its financial results for the quarter ending September 30, 2024, with a 63% net income increase to 43.5 billion yuan (US$6.2 billion).

This growth was attributed to gains from equity investments and improved income from operations. Revenue growth was also propelled by Alibaba’s core e-commerce platforms, Taobao and Tmall, particularly through service fees and better monetization strategies.

It also saw a 5% year-over-year revenue increase to 236.5 billion yuan (US$33.7 billion). Notable growth was observed in Alibaba’s cloud business, where public cloud and AI-related product revenues showed significant increases.

Despite these gains, net cash from operating activities decreased by 36% to 31.4 billion yuan (US$4.48 billion). This decline was due to increased investment in cloud infrastructure and refunds related to Tmall service fee cancellations.

CFO Toby Xu mentioned a share repurchase program, with US$4.1 billion worth of shares bought back. This decreased total shares outstanding by 2.1% since the end of June.

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