BABA 𝗘𝗔𝗥𝗡𝗜𝗡𝗚𝗦 𝗥𝗘𝗖𝗔𝗣

$Alibaba(BABA)$ 𝗘𝗔𝗥𝗡𝗜𝗡𝗚𝗦 𝗥𝗘𝗖𝗔𝗣

• Q2 Revenue up 2% Y/Y, 10% ADJ

• Q2 EPS down 10% Y/Y

Q2 REVENUE GROWTH BY SEGMENT:

🟡 China commerce: up 10% Y/Y, good but $PDD and $JD are growing faster.

🟡 International: up 19% Y/Y, solid growth but temu is doing better.

🟢 Cloud group: up 26% Y/Y, impressive result, we can dream +30% in Q3.

🟡 Other Businesses: down 28% Y/Y, disposal of Sun Art and Intime businesses

Q2 ADJ EBITA MARGIN BY SEGMENT:

🟠 China commerce: 38% --> 27%, instant delivery is strongly impacting the segment margin

🟢 International: -13% --> 0%, focus on profitability is paying off, 500M saved compared to last year

🟡 Cloud group 9% --> 9%, margins are not expanding because of high investments.

🟡 Other Businesses -1% --> -2%

BUYBACKS PLAN:

Q2 2024 Shares outstanding: 2.449B

Q1 2025 Shares outstanding: 2.394B

Q2 2025 Shares outstanding: 2.393B

🟡 Y/Y Decrease: 2.3%

🔴 Q/Q Decrease: flat

Considering the valuation and the cash pile I'd like to see some more shares buyback.

⚠️ CAPEX:

Q2 2024: RMB 12.1B

Q1 2025: RMB 24.6B

Q2 2025: RMB 38.7B

🟢 Y/Y Increase: +220%

🟢 Q/Q Increase: +57%

High Capex to support cloud infrastructure and instant delivery businesses.

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