阿里巴巴：Recovery of consumption business in sight with determined long-term goal for cloud-20260320

20 Mar 2026 Alibaba's 3QFY26 (March year-end) revenue was RMB284.8bn, up 1.7% YoY, and 2% below Bloomberg consensus. Adj. EBITA for the quarter was RMB23.4bn, down 57% YoY and below consensus of RMB31.4bn, mainly due to continued investments in quick commerce (QC), user experience, and technology. However, cloud business development remains a bright spot, with YoY revenue growth accelerating to 36%, 2ppts ahead of consensus. Management noted a recovery in customer management revenue (CMR), with YoY growth i ...