Alibaba (NYSE: BABA) reported Q3 EPS of RMB15.63, RMB0.24 better than the analyst estimate of RMB15.39. Revenue for the quarter came in at RMB224.79 billion versus the consensus estimate of RMB224.95 billion.

“Alibaba Group delivered a solid quarter, marked by renewed momentum and energy across multiple businesses as a result of our strategic reorganization. As we embark on a new phase of development, we have clearly defined our strategic focus and priorities. We will maintain an entrepreneurial mindset. We are committed to investing for growth and making bold decisions where necessary. Through a more flexible organizational governance mechanism, we aim to capture brand new opportunities from the ongoing AI technological transformation and create more value for our customers,” said Eddie Wu, Chief Executive Officer of Alibaba Group.

“We achieved a stable quarter with revenue increasing 9% year-over-year and income from operations and adjusted EBITA increasing 34% and 18% year-over-year, respectively,” said Toby Xu, Chief Financial Officer of Alibaba Group. “Under our capital management plan, we are prioritizing investment in technology and innovations for our businesses to drive new growth. We are confident in our business fundamentals and are pleased to announce our first annual dividend distribution for fiscal year 2023, with an aggregate amount of approximately US$2.5 billion, as part of our continued efforts to enhance shareholders’ return in addition to the ongoing share repurchase program.”

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