Alibaba Group Holding Ltd. (HK:9988) has released an update.
Alibaba Group Holding Limited reported its June Quarter 2024 financial results, revealing a year-over-year revenue increase of 4% but a net income decrease of 27% primarily due to operational income decline and investment impairments. Despite the challenges, the company showed confidence in its business outlook by repurchasing US$5.8 billion in shares. Notable too was the company’s investment in growth for core businesses and its cloud and AI products, which are gaining traction in the market.
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