Chinese tech giant Alibaba posts 8 percent rise in revenue for past fiscal year

Chinese e-commerce giant Alibaba announced
Tuesday a modest increase in annual revenue, as the firm pursues a major
overhaul and regulatory curbs on the country’s tech sector are relaxed.

The Hangzhou-based company is one of the biggest players in China’s tech
industry, with operations spanning retail, digital payment, artificial
intelligence and entertainment.

Alibaba posted revenue of 941.2 billion yuan (130.4 billion USD) in the fiscal
year ending March 31, up 8 percent year-on-year, a statement by the firm
showed.

Net income for the period stood at 71.3 billion yuan, up 9 percent
year-on-year, the statement also showed.

Alibaba announced plans last year to undergo a significant restructuring
that would see it split into six entities, each managed by its own CEO and
board of directors.

“During fiscal year 2024, we repurchased 12.5 billion ISD of shares and our
board of directors has approved a 4.0 billion USD dividend for fiscal year
2024,” said Toby Xu, the group’s Chief Financial Officer.

China’s tech sector has suffered under a regulatory crackdown by Beijing
that began in 2020, prompted in part by the government’s fears that too much
power and capital had been amassed by a few firms.

Beijing has signalled recently that the period of intense regulatory
scrutiny is winding down, as new headwinds threaten to drag on the world’s
second-largest economy.(AFP)