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- Alibaba Group Holding Limited (NYSE: BABA) reported fourth-quarter FY22 revenue growth of 2% year-on-year to $30.32 billion, beating the consensus of $30.24 billion.
- Non-GAAP earnings per ADS of $1.56 beat the consensus of $1.35.
- Segments: China commerce segment revenue declined by 3% Y/Y to $19.81 billion, Cloud decreased by 2% Y/Y to $2.71 billion, Local consumer services increased by 17% Y/Y to $1.83 billion, and International commerce rose by 29% Y/Y to $2.7 billion.
- China Commerce (65% of revenue): The online physical goods GMV for Taobao and Tmall, excluding unpaid orders, recorded a mid-single-digit year-over-year decline due to COVID-19 resurgence, soft consumer demand, and competition.
- Cloud (9% of revenue): The decline in the cloud segment comprising Alibaba Cloud and DingTalk reflected delays in the delivery of hybrid cloud projects given the COVID-19 resurgence in January, the normalization of CDN demand, and the impact from a top customer phasing out using its overseas cloud services for its international business.
- International Commerce (9% of revenue): The combined number of orders of Lazada, AliExpress, Trendyol, and Daraz rose by 15% Y/Y, driven by AliExpress' launch of Choice and Lazada's performance in Southeast Asia.
- Cainiao (7% of revenue): Revenue grew 18% Y/Y to $1.98 billion, primarily driven by increasing revenue per order from international fulfillment solution services and demand for consumer logistics services.
- Alibaba generated $4.7 billion in free cash flow.
- Spinoff & Listing Updates: The board has approved a complete spinoff of the Cloud Intelligence Group via a stock dividend distribution to shareholders to become an independent publicly listed company.
- The board has approved the process to start external financing for Alibaba International Digital Commerce Business Group, exploration of IPO for Cainiao Smart Logistics Group, and execution of IPO for Freshippo.
- Price Action: BABA shares traded higher by 2.4% at $92.94 premarket on the last check Thursday.
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