Alibaba Group Holding Ltd. announced on Thursday that revenue in the second quarter of fiscal 2024 rose 9% to ¥224.8 billion or $30.8 billion, as the company continued to gain "momentum and energy across multiple businesses as a result of" its "strategic reorganization."
According to the company, in the three months to September 30, net income came at ¥26.7 billion ($3.6 billion), compared to a net loss of ¥22.4 billion in the same quarter a year earlier. Earnings per diluted share in the reported period rose 21% to ¥1.35 ($0.19). On the other hand, the company announced that a complete spin-off of the Cloud Intelligence Group "may not achieve the intended effect of shareholder value enhancement," which is why Alibaba decided not to proceed with a full spin-off.
"We achieved a stable quarter with revenue increasing 9% year-over-year and income from operations and adjusted EBITA increasing 34% and 18% year-over-year, respectively," said Toby Xu, Chief Financial Officer of Alibaba Group.
Alibaba shares fell 7.34% during the premarket trading after the release of the results.
