Alibaba reported mixed financial results for Q1 2024. The company missed earnings expectations with an EPS of RMB10.14, compared to the expected RMB10.71. Revenue for the quarter rose by 7% year-over-year to RMB221,874 million (US$30,729 million), surpassing expectations. Despite the revenue increase, Alibaba's profit dropped 86% due to a net loss on investments in listed companies. The company's shares fell 4.2% in pre-market trading following the earnings release. Additionally, Alibaba's cloud unit posted a modest 3% revenue growth for Q1, trailing behind global cloud providers. Income from operations for the fiscal year increased by 13% year-over-year to RMB113,350 million, and adjusted EBITA for FY2024 grew by 12% year-over-year to RMB165,028 million. The CEO highlighted that China and international commerce businesses realized double-digit YoY GMV growth.