Alibaba's earnings surprise and bucks the trend, but it reduced its workforce by 6,541 in a single quarter

According to news from this site on August 10, Alibaba Group today released its first quarter financial report for fiscal year 2024. Officials said that the performance exceeded expectations in all aspects, and multiple businesses achieved growth. However, the financial report shows that as of June 30, Alibaba had 228,675 employees, while the number at the end of March was 235,216. In other words, Alibaba reduced 6,541 employees in a single quarter.

According to previous reports on this site, Alibaba’s announcement today shows that the first fiscal quarter of fiscal year 2024 (April to June 2023 ) revenue was RMB 234.16 billion, a year-on-year increase of 14%, with an estimated revenue of RMB 223.75 billion.

Adjusted earnings per ADS were RMB 17.37, compared with RMB 11.73 in the same period last year. Adjusted earnings before interest, taxes, depreciation and amortization were 52.05 billion yuan, a year-on-year increase of 27%. Adjusted net profit was 44.92 billion yuan, a year-on-year increase of 48%.

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