Alibaba Group Holding Limited announced Thursday that net income for its June quarter decreased 27% to RMB24,022 million ($3,306 million), reflecting a decline in operations and increased impairment of investments.
According to the company, revenue in the three months to June 30 rose by 4% to RMB243,236 million ($33,470 million), while income from operations plummeted by 15% to RMB35,989 million ($4,952 million). For the same reported period, the e-commerce giant registered a drop of 5% in diluted earnings per share to RMB1.24 ($0.17). The firm also highlighted that revenue from Cloud Intelligence Group went up by 6% to RMB26,549 million ($3,653 million).
"Our focus on enhancing user experience by offering quality products at attractive prices with great service led to stabilizing market share of Taobao and Tmall Group as we returned the business on the growth trajectory. The cloud business achieved positive revenue growth momentum, driven by public cloud and AI-related product adoption as we continue to invest to maintain our market leadership," Eddie Wu, Chief Executive Officer of Alibaba Group, said.
Shares of Alibaba fell almost 3% in premarket in New York after the report's publication.
