Alibaba Group recently released its financial report for the first quarter of fiscal year 2024, showing that its total revenue reached RMB 234.16 billion, a year-on-year increase of 14%. This growth is mainly due to the stable performance of its core e-commerce business and the new demand for cloud computing services.
Among Alibaba's e-commerce platforms, Taobao and Tmall continue to show strong growth momentum, with revenue increasing by 12% year-on-year in the quarter. These two platforms not only occupy a leading position in the Chinese market, but also further consolidate their position as a market leader by continuously optimizing user experience and expanding product categories.
As one of the important businesses of Alibaba Group, Alibaba Cloud achieved revenue of 25.123 billion yuan this quarter, a year-on-year increase of 4%. Alibaba Cloud CEO Zhang Yong said that despite the tight GPU supply problem, the continued growth of demand for AI cloud services indicates that there will be more growth opportunities in the future.
With the acceleration of global digital transformation, cloud computing and AI technologies are becoming key factors driving enterprise growth. Through continuous technological innovation and market expansion, Alibaba is gradually unleashing its potential in the global cloud computing market, laying the foundation for future sustained growth.
In addition, Alibaba is also actively deploying other emerging technology fields, such as big data, the Internet of Things and blockchain, to build a more diversified technology ecosystem and promote the long-term development of the entire group.
Overall, Alibaba Group's performance in the first quarter of fiscal 2024 not only demonstrates strong growth in its core business, but also reflects its firm determination in technological innovation and market expansion. In the future, with the further opening of global markets and continuous advancement of technology, Alibaba is expected to continue to maintain its position as an industry leader.