Summary by Moomoo AI
Alibaba Group Holdings Limited (NYSE Code: BABA) has announced unaudited financial results for the quarter ended December 31, 2023. In the quarter, Group revenue reached RMB2603.48 billion, up 5% year-on-year; operating profit was RMB225.11 billion, down 36% year-on-year, mainly due to the impairment of intangible assets of Gaoxin Retail and goodwill impairment of Yukuh. Net profit was RMB107.17 billion, down 77% year-on-year. Non-GAAP net profit was RMB479.51 million, down 4% year-on-year. In addition, the Company's Board of Directors approved an increase in the share repurchase program to $250 billion, reflecting confidence in the outlook for the business and cash flow. Alibaba Group CEO stressed that the Group will focus resources on developing public cloud products and maintain strong growth momentum in its international business. Following the announcement of the financial results, a conference call will be held on 7 February 2024 to discuss details.