Cai Jing Wang·2024-02-07 12:06Core Insights - Alibaba reported Q3 revenue of 260.35 billion RMB for fiscal year 2024, slightly below the estimated 261.25 billion RMB, but up from 247.76 billion RMB in the same quarter last year [1] Group 1: E-commerce Performance - AliExpress saw a strong order growth of 60%, contributing to a 44% increase in international e-commerce revenue, marking six consecutive quarters of exceeding market expectations [1] - The growth in AliExpress was primarily driven by the Choice platform, which accounted for approximately half of the total orders in January 2024 [1] Group 2: Logistics and Delivery - Cainiao Group reported revenue of 28.476 billion RMB, a year-on-year increase of 24%, with cross-border logistics being a significant growth driver [1] - The flagship product "Global 5-Day Delivery" expanded its coverage to 10 countries, achieving a three-digit quarter-on-quarter growth in orders [1] - Adjusted EBITA for Cainiao was 961 million RMB [1] Group 3: Local Services - The local services segment continued to show robust growth, driven by Ele.me and Gaode, with orders increasing by over 20% year-on-year [1] - The annual active consumers in the local services group exceeded 390 million, with a strong year-on-year increase in user consumption frequency [1] Group 4: Cloud Services - Alibaba Cloud's revenue quality and profitability continued to improve, with adjusted EBITA increasing by 86% year-on-year [1] Group 5: Market Reaction - Following the earnings report, Alibaba's stock rose over 3% in pre-market trading in the US [1]