BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Alibaba Back on Growth Track with Double-Digit GMV Growth, Announces $4 Billion Dividend
Alibaba Group has reported a strong fourth-quarter performance for the fiscal year ending March 31, 2024, signaling a return to growth for the Chinese e-commerce giant. Key highlights include significant gains in gross merchandise value (GMV) and a substantial dividend announcement for shareholders.
Fourth-Quarter Financial Highlights
- Revenue Growth: Alibaba's revenue grew 7% year-over-year to RMB221.87 billion ($30.73 billion), exceeding Bloomberg's consensus estimate of RMB219.80 billion. For the fiscal year, revenue increased 8% year-over-year to RMB941.17 billion.
- EBITA and Net Income: Adjusted earnings before interest, taxes, and amortization (EBITA) for the quarter decreased 5% year-over-year to RMB23.97 billion due to increased investments and one-time employee incentives. Non-GAAP net income declined 11% to RMB24.42 billion.
Chief Financial Officer Toby Xu highlighted that increased investment in strategic priorities is beginning to show positive results, giving confidence in Alibaba's business outlook.
Strategic Investments and User Engagement
- E-Commerce Performance: Alibaba's e-commerce platforms, including Taobao and Tmall Group (TTG), saw revenue grow 4% year-over-year to RMB93.22 billion. TTG's adjusted EBITA slightly decreased to RMB38.5 billion due to strategic investments in customer service and technology.
- User Experience Enhancements: Efforts to enhance user experience included simplifying sales structures and updating websites. Membership in the 88VIP loyalty program grew to 35 million members, reflecting a double-digit year-over-year increase.
Cloud and International Commerce Growth
- Alibaba Cloud: The Cloud Intelligence Group's revenue rose 3% to RMB25.60 billion, driven by strong growth in public cloud services and AI-related revenue. Alibaba Cloud has also reduced prices for over 100 core products to attract more startups and small businesses.
- International Expansion: The Alibaba International Digital Commerce Group (AIDC) saw a 45% year-over-year revenue increase to RMB27.45 billion. Platforms like AliExpress benefited from increased cross-border retail activities, supported by logistics arm Cainiao.
Dividend and Shareholder Returns
- Dividend Announcement: Alibaba announced a two-part dividend totaling $4 billion, with an annual regular cash dividend and an extraordinary cash dividend. The one-time extraordinary dividend will be paid to shareholders as of June 13, 2024.
- Share Repurchase Program: Alibaba repurchased 1.25 billion ordinary shares, amounting to $12.5 billion for the fiscal year, showcasing a strong commitment to returning value to shareholders.
Future Outlook
CEO Eddie Wu emphasized Alibaba's strategic focus on enhancing the customer experience and expanding its core businesses. The company is also preparing for a dual-primary listing in Hong Kong and New York, expected to be completed by the end of August 2024.
(Source: alibaba.com)
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