Alibaba Group reported steady growth in the December quarter, with total consolidated revenue increasing by 5% to RMB260.3 billion.
The company is focused on reigniting the growth of its core businesses, e-commerce and cloud computing, through increased investment and a more aggressive approach towards competition.
In the Taobao and Tmall Group, the execution of user-first and competitive pricing strategies resulted in healthy year-over-year GMV growth, driven by an increase in active buyers and order volume.
Alibaba Cloud's profitability continues to improve as it prioritizes public cloud and optimizes its business structure. The company has also upgraded its sales operations to enhance customer coverage and service capabilities.
Alibaba International Digital Commerce Group achieved rapid growth, with all major retail platforms experiencing strong growth. The focus is on enhancing consumer experience, product and technology innovation, and targeted expansion in priority markets.
The company plans to continue returning cash to shareholders through share buybacks and dividends. It has upsized its share repurchase program by $25 billion and aims to achieve at least a 3% annual reduction in total shares outstanding for the next three fiscal years.
Overall, the earnings call highlighted Alibaba's commitment to driving growth in its core businesses, improving profitability, expanding internationally, and returning value to shareholders. The company acknowledges the competitive landscape and challenges ahead but remains confident in its strategic initiatives and long-term prospects.