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Alibaba Reports Fiscal Q2 Results
Alibaba Group (NYSE: BABA) reported a 5% increase in revenue to $34.8 billion for its fiscal Q2 ending September 30. The e-commerce segment grew by 16% to $18.6 billion, driven by a 60% surge in quick-commerce revenue to $3.2 billion. However, adjusted EBITA dropped 78% to $1.3 billion, with a significant cash flow decline of 68% to $1.4 billion, largely due to heavy investments.
Notably, the cloud computing segment saw revenue growth accelerate by 34% to $5.6 billion. The company aims to grow its quick-commerce gross merchandise value to 1 trillion yuan ($140 billion) over the next three years despite current profitability challenges. As of the end of Q2, Alibaba held $46.1 billion in cash and short-term investments against $39.5 billion in debt.
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