I am not sure why many analysts were very pleased with the latest Q4 2022 results released by Alibaba (despite it depicting a huge loss worst than the prior Q4 quarter of 2021) which they think is much better than their expectation. The US and HK stock exchanges for Alibaba also went up between 12%-15%. For me personally, I am holding a contrarian view for the near term as despite the 9% growth in revenue for Q4 2022 year on year, Income from Operations has actually fallen off the cliff after normalising for reversal of share-based compensation expenses of RMB13,046 Million in Q4 2022-meaning a razor thin profit from Operations of only RMB 3,671 Million for Q4 2022. This also means that the Net Loss for Q4 2022 is approximately  <RMB 31,403 Million> after normalisation.

1. Loss of RMB18.4 billon dollars on RMB 204 billion dollars of revenue for Q4 2022 results

The bad news here is that the pressure on gross profit margin...