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The
company logged revenue of 208.20 billion yuan ($30.12 billion)
for the three months ended in March, compared with a Refinitiv
consensus estimate of 210.3 billion yuan drawn from 26 analysts.
Chinese consumer spending has gained some momentum since the
country abandoned draconian zero-COVID policies late last year,
but it still remains relatively muted amid a wobbly economic
recovery.
Earlier this year, Alibaba announced plans to restructure into
six units, a move that followed a two-year regulatory crackdown
on China's tech sector. It expects all of its units except for
its China-facing e-commerce division to seek outside funding and
go public.
Alibaba on Thursday approved a full spinoff of the Cloud
Intelligence Group via a stock dividend distribution to
shareholders. It aims to complete the spinoff in the next 12
months.
Finance chief Toby Xu also said Alibaba's board has approved the
process to start external financing for Alibaba International
Digital Commerce Business Group and initial public offering
(IPO) explorations for Cainiao Smart Logistics Group and the
execution of the IPO for Freshippo.
Earlier this month, Reuters reported that the company's
logistics arm aims to raise $2 billion via a listing in Hong
Kong that will likely take place early next year.
Net income attributable to ordinary shareholders was 23.52
billion yuan, compared with a loss of 16.24 billion yuan.
Alibaba has also been struggling to attract new users as China's
e-commerce sector matures and it grapples with inroads made by
new competitors such as PDD Holdings and Douyin, the Chinese
version of TikTok that is also owned by ByteDance.
Revenue for the full year climbed 2% to 868.69 billion yuan,
marking its slowest rate of growth since the company went public
in 2014.
($1 = 6.9121 Chinese yuan renminbi)
(Reporting by Chavi Mehta in Bengaluru and Josh Horwitz in
Shanghai; Editing by Edwina Gibbs and Devika Syamnath)
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