Sunday, May 19, 2024

Chinese tech giant Alibaba posts 8% rise in revenue for past fiscal year – Times of India

Must read

BEIJING: Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country’s tech sector are relaxed.
The Hangzhou-based company is one of the biggest players in China’s tech industry, with operations expanding from retail to digital payment, artificial intelligence, and entertainment.
Alibaba posted revenue of 941.2 billion yuan ($130.4 billion) in the fiscal year ending March 31, up 8 percent year-on-year, a statement by the firm showed.
The statement also showed net income for the period stood at 71.3 billion yuan, up 9 percent year-on-year.
Alibaba announced plans last year to undergo a significant restructuring that would see it split into six entities, each managed by its respective CEO and board of directors.
“During fiscal year 2024, we repurchased US$12.5 billion of shares and our board of directors has approved a US$4.0 billion dividend for fiscal year 2024,” said Toby Xu, the group’s chief financial officer.
China’s tech sector has suffered under a regulatory crackdown by Beijing that began in 2020, prompted in part by the government’s fears that too much power and capital had been amassed by a few firms.
Beijing has signaled recently that the period of intense regulatory scrutiny is winding down, as new headwinds threaten to drag on the world’s second-largest economy.

Latest article