Alibaba Q4 Net Profit Plunges, Misses Estimates

(RTTNews) - e-commerce giant Alibaba Group Holdings Ltd. (BABA) reported Thursday that net income attributable to ordinary shareholders for the fourth quarter plunged to 3.27 billion Chinese yuan or $453 million from last year's 23.52 billion yuan. Earnings per ADS were 1.30 yuan or $0.18, compared to 9.00 yuan a year ago.

Excluding items, adjusted net income for the quarter was 24.42 billion yuan or $3.38 billion, compared to prior year's 27.38 billion yuan. Adjusted earnings per ADS were 10.14 yuan or $1.40, compared to 10.71 yuan last year.

Earnings per share were $0.02 and adjusted earnings per share were $1.40 per share for the quarter.

On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share for the quarter. Analysts' estimates typically exclude special items.

The company's revenue for the quarter grew 7 percent to 221.87 billion yuan or $30.73 billion from 208.20 billion yuan last year. The Street was looking for revenues of $30.39 billion for the quarter.

The board of directors has approved a two-part dividend comprised of (i) an annual regular cash dividend for fiscal year 2024 in the amount of US$0.125 per ordinary share or US$1.00 per ADS, and (ii) a one-time extraordinary cash dividend as a distribution of proceeds from disposition of certain financial investments in the amount of US$0.0825 per ordinary share or US$0.66 per ADS, in each case payable in U.S. dollars, to holders of ordinary shares and holders of ADSs, as of the close of business on June 13, 2024.

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