SHANGHAI — Alibaba released its first earnings report since revealing in March that the corporate can be split into six business units.

The Hangzhou-based e-commerce giant revealed on Thursday that revenue for the fourth quarter ended March 31 had increased by 2 percent year-over-year to 208.2 billion renminbi, or $30.3 billion, falling in need of analysts’ expectations.

Throughout the quarter, net income reached 23.5 billion renminbi, or $3.4 billion, with adjusted profits rising by 38 percent year-over-year to 27.4 billion renminbi, or $3.98 billion.

For the fiscal yr ending March 31, revenue gained 2 percent year-over-year, reaching 868.68 billion renminbi, or $126.49 billion. Operating income amounted to 100.35 billion renminbi, or $14.61 billion, marking a 44 percent year-over-year increase.

As an indicator of China’s post-COVID-19 consumption recovery, revenue in its core China e-commerce business declined by 3 percent year-over-year to 136.07 billion renminbi, or $19.81 billion, falling in need of analysts’ expectations.

Although gross merchandise value on Taobao and Tmall continued to say no within the midsingle digits for the quarter, it began to resume growth within the month of March, driven by strong performance in the style and accessories and health care categories.

In keeping with data released by the National Bureau of Statistics, retail sales grew 10.6 percent year-over-year in March.

“The important thing query for Alibaba in 2023 is how much Chinese households will dip into the record savings they collected in the course of the pandemic,” said Jacob Cooke, chief executive officer and founding father of WPIC, a Beijing-based e-commerce consulting agency.

Alibaba’s international commerce business demonstrated strong 15 percent year-over-year growth for the quarter, fueled by its regular market expansion strategies.

Revenue from its key cloud service, which incorporates a ChatGPT-like generative AI research arm, dropped by 3 percent year-over-year to 24.5 billion renminbi, or $3.57 billion. The general public listing is predicted to be accomplished inside the subsequent 12 months.

IPOs for other spin-off units, including Cainiao Smart Logistics, its supply chain and delivery service arm, and Freshippo, its grocery delivery branch, are also within the works.

Cainiao goals to be listed inside 12 to 18 months, while Freshippo’s public listing shall be accomplished inside the subsequent six to 12 months.

“In an increasingly complex world, we’ve proactively transformed our organization to strengthen the competitiveness of our businesses through greater independence to deal with the evolving needs of various customers and capture recent opportunities,” said Daniel Zhang, chairman and CEO of Alibaba.

“Alibaba is committed to improving shareholders’ return through the implementation of a sturdy capital allocation framework,” added Toby Xu, chief financial officer of Alibaba.