Beijing: Chinese e-commerce giant Alibaba It announced on Tuesday that annual revenue will rise slightly as the company undergoes major reforms and eases regulatory restrictions on the country’s technology industry.
The Hangzhou-based company is one of the largest players in China’s technology industry, with operations expanding from retail to digital payments, artificial intelligence and entertainment.
Alibaba reports 2017 revenue of 941.2 billion yuan ($130.4 billion) fiscal year The company’s statement showed annual growth of 8% as of March 31.
The financial report also showed that net profit during the period was 71.3 billion yuan, an increase of 9% compared with the same period last year.
Alibaba announced plans last year for a major reorganization that would see it split into six entities, each run by its own chief executive and board of directors.
“In fiscal 2024, we repurchased $12.5 billion of stock, and the board of directors has approved a $4 billion dividend for fiscal 2024.” Xu TobyGroup CFO.
China’s tech industry has come under a regulatory crackdown from Beijing since 2020, in part because of government concerns that a handful of companies have amassed too much power and capital.
Beijing recently said a period of strict regulatory review was coming to an end as new headwinds threatened to weigh on the world’s second-largest economy.
The Hangzhou-based company is one of the largest players in China’s technology industry, with operations expanding from retail to digital payments, artificial intelligence and entertainment.
Alibaba reports 2017 revenue of 941.2 billion yuan ($130.4 billion) fiscal year The company’s statement showed annual growth of 8% as of March 31.
The financial report also showed that net profit during the period was 71.3 billion yuan, an increase of 9% compared with the same period last year.
Alibaba announced plans last year for a major reorganization that would see it split into six entities, each run by its own chief executive and board of directors.
“In fiscal 2024, we repurchased $12.5 billion of stock, and the board of directors has approved a $4 billion dividend for fiscal 2024.” Xu TobyGroup CFO.
China’s tech industry has come under a regulatory crackdown from Beijing since 2020, in part because of government concerns that a handful of companies have amassed too much power and capital.
Beijing recently said a period of strict regulatory review was coming to an end as new headwinds threatened to weigh on the world’s second-largest economy.
