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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libaba Group Reports Q4 and Fiscal Year 2024 Results Amid Strategic Investments
Hangzhou, China, May 14, 2024 – Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), "Alibaba" or "Alibaba Group") announced its financial results for the quarter and fiscal year ended March 31, 2024.
Q4 2024 Highlights
- Revenue Growth: Alibaba reported Q4 revenue of RMB221,874 million (US$30,729 million), marking a 7% year-over-year increase.
- Income from Operations: Income from operations decreased by 3% year-over-year to RMB14,765 million (US$2,045 million).
- Net Income: Net income attributable to ordinary shareholders was RMB3,270 million (US$453 million). However, total net income saw a sharp decline of 96% to RMB919 million (US$127 million) due to losses from investments in publicly-traded companies.
- Non-GAAP Adjustments: Excluding specific items, non-GAAP net income was RMB24,418 million (US$3,382 million), an 11% decrease from the previous year.
- Earnings Per Share: Diluted earnings per ADS stood at RMB1.30 (US$0.18), with non-GAAP diluted earnings per ADS at RMB10.14 (US$1.40), a 5% decline year-over-year.
- Cash Flow: Operating cash flow decreased by 26% to RMB23,340 million (US$3,233 million), and free cash flow dropped by 52% to RMB15,361 million (US$2,127 million).
Fiscal Year 2024 Highlights
- Revenue: Total revenue for fiscal year 2024 was RMB941,168 million (US$130,350 million), up 8% year-over-year.
- Operational Income: Income from operations increased by 13% year-over-year to RMB113,350 million (US$15,699 million).
- Net Income: Net income attributable to ordinary shareholders increased by 9% to RMB79,741 million (US$11,044 million).
- Non-GAAP Net Income: Excluding certain items, non-GAAP net income was RMB157,479 million (US$21,811 million), an 11% increase from fiscal year 2023.
- Earnings Per Share: Non-GAAP diluted earnings per ADS was RMB62.23 (US$8.62), a 14% increase year-over-year.
- Cash Flow: Operating cash flow decreased by 9% to RMB182,593 million (US$25,289 million), and free cash flow also saw a 9% decline to RMB156,210 million (US$21,635 million).
Strategic Business Updates
- Taobao and Tmall Group: Revenue grew 4% year-over-year to RMB93,216 million (US$12,910 million). Enhanced customer experience and competitive pricing strategies drove double-digit GMV and order growth.
- Cloud Intelligence Group: Revenue grew 3% year-over-year to RMB25,595 million (US$3,545 million), with significant contributions from public cloud and AI products.
- Alibaba International Digital Commerce Group (AIDC): Revenue surged 45% year-over-year to RMB27,448 million (US$3,802 million), driven by cross-border business growth.
- Cainiao Smart Logistics Network Limited: Revenue increased by 30% year-over-year to RMB24,557 million (US$3,401 million), fueled by cross-border fulfillment services.
- Local Services Group: Revenue grew 19% year-over-year to RMB14,628 million (US$2,026 million), with strong growth in Ele.me and Amap orders.
- Digital Media and Entertainment Group: Revenue slightly decreased by 1% year-over-year to RMB4,945 million (US$685 million), impacted by Youku’s modest decline.
Shareholder Returns
- Share Repurchases: Alibaba repurchased US$12.5 billion worth of shares during fiscal year 2024 and announced a US$4.0 billion dividend.
- Dividends: The board approved a two-part dividend, including an annual regular cash dividend of US$0.125 per ordinary share and a one-time extraordinary dividend of US$0.0825 per ordinary share.
Despite the positive financial performance, Alibaba shares fell by 5% in pre-market trading, reflecting market reactions to the mixed results and ongoing strategic investments.
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