On Thursday, Chinese e-commerce giant Alibaba reported an increase in revenue of 14% in the quarter ending June 30. The firm's focus on foreign markets was notably successful, as revenue from international commerce retail progresses by an impressive 60% from last year, settling on 17.14 billion yuan. Daniel Zhang, CEO and Chairman of Alibaba, commented in a statement, "Alibaba delivered a strong quarter as we maintain the progress of our Reorganization, which is starting to drive fresh momentum in our activities."
On Thursday, Chinese e-commerce behemoth Alibaba reported a 14% year-on-year increase in revenue for the quarter ending June 30th, its largest annual surge since September 2021, according to Refinitiv data. Shares of the US-listed firm rose 4.5% in pre-market trading. Revenues of 234.16 billion yuan ($32.29 billion) surpassed the Refinitiv consensus estimate of 224.92 billion yuan. Net income attributable to ordinary shareholders stood at 34.33 billion yuan, substantially higher than the expected 28.66 billion.
Revenue from Taobao and Tmall Group, Alibaba's main business, rose 12% year-on-year to 114.95 billion yuan as daily active users on the Taobao online shopping app jumped 6.5% in June from a year earlier. Overseas demand drove the revenue of international commerce retail up 60% from the same period last year to 17.14 billion yuan and Cainiao logistics revenue increased by 34% to 23.16 billion yuan. Revenues from the firm's cloud business also grew 4% to 25.12 billion yuan.
This quarter's results contrast to those of the same period in 2020, when China was still in the throes of the coronavirus pandemic, with a two-month lockdown enforced in Shanghai. Although the Chinese economy has improved since its strict pandemic-related controls were eased in December, consumer demand has remained tepid, as reflected in this year's second quarter GDP which came in lower than analyst projections.
In the past few months, there have been considerable changes at Alibaba's Hangzhou headquarters. In March, the company announced that it would reorganise into six business divisions, a few of which will be able to receive external financing and eventually list on the stock exchange. Additionally, Alibaba's cloud computing unit will be going public. In September, Daniel Zhang will transition away from CEO and Chairman, becoming the Head of Alibaba's cloud computing division. Eddie Wu, a veteran of Alibaba, will step in as the new CEO, while Joe Tsai will take the chairman role. In an announcement on Thursday, Zhang stated that Alibaba was delivering a strong quarter and credited the restructuring for infusing energy into the various business entities.
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