Alibaba reports 34 per cent surge in quarterly revenue

HANGZHOU (XINHUA) – China’s e-commerce giant Alibaba Group reported year-on-year revenue growth of 34 per cent to CNY153.8 billion (about USD21.76 billion) for the quarter that ended on June 30, 2020.

The company’s net profit attributable to shareholders was CNY47.59 billion. The profit surge was mainly due to strong performances in online retailing and cloud computing, the
company said.

By June, Alibaba’s annual active consumers on Chinese retail marketplaces reached 742 million, almost half of China’s total population. Mobile monthly active users reached 874 million by the end of June, 28 million more than the number in March 2020, with a large number of new consumers coming from less developed regions, the company said.

“Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59 per cent year-over-year,” said Chief Financial Officer of Alibaba Group Maggie Wu.

Chairman and Chief Executive Officer of the company Daniel Zhang said Alibaba would mobilise its entire digital infrastructure to support the economic recovery of businesses across a wide range of sectors, while broadening and diversifying consumer base by addressing their changing preferences in a post-COVID-19 environment.

The logo of Alibaba Group is seen at the company’s headquarters in Hangzhou, China. PHOTO: AFP