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Alibaba released its Q2 2023 earnings report last night before the US stock market opened, covering the period up to the end of September this year.
Summary
1. This quarter's revenue was slightly below expectations at RMB 207.2 billion, growing 3% year-over-year, lower than the expected RMB 208.9 billion.
2. GAAP net loss was RMB 22.5 billion, compared to a net profit of RMB 33.8 billion in the same period last year, but the loss was not related to core operations.The main reason was significant paper losses from declines in the share prices of listed companies Alibaba invested in, resulting in a write-down of RMB 42.4 billion in investment gains this period,compared to RMB 11.46 billion last year, which significantly increased the GAAP net loss this period. Due to Alibaba's stock price decline, share-based compensation expenses also fell accordingly.
3. Actual profits exceeded expectations, with adjusted profit Non-GAAP EBITA (excluding share-based compensation and amortization expenses, and equity donation fees) reaching RMB 36.2 billion, significantly surpassing market expectations of RMB 33.4 billion.
4. The main variance from expectations came from:Excellent cost control performance was demonstrated this quarter, with declines in both R&D and sales expense ratios, especially a notable improvement in the sales expense ratio. Administrative expenses remained stable compared to the same period last year, affected by severance compensation (with nearly 2,000 layoffs this quarter).
5. The GMV growth rate of the core e-commerce business fell short of market expectations, with Tmall and Taobao's growth lagging behind e-commerce...