Alibaba reported first quarter revenue of CNY 204.05 billion, a 9% year-on-year increase, higher than Bloomberg's estimate of CNY 200.59 billion, but the slowest quarterly growth rate since its listing.

Excluding items such as antitrust fines, and impairment losses on investments from the same period last year, the non-GAAP net profit of Alibaba in the first quarter was CNY 19.799 billion, a 24% year-on-year decrease. This was mainly due to increased investment in TaocaiCai and Tmall, the ongoing impact of the pandemic, and the combined effect of asset impairment losses and special provisions made for Sun Art Retail.

In the 2022 fiscal year, Alibaba's performance in terms of revenue and net profit was not impressive. Under non-GAAP accounting standards, net profit was CNY 136.388 billion, a year-on-year decrease of 21%, which was down 51 percentage points from the previous fiscal year. Despite this, major banks remain bullish on Alibaba's future prospects.