BUSINESS Alibaba reports 34 pct surge in quarterly revenue

BUSINESS

Alibaba reports 34 pct surge in quarterly revenue

Xinhua

15:34, August 21, 2020

HANGZHOU, Aug. 21 (Xinhua) -- China's e-commerce giant Alibaba Group reported year-on-year revenue growth of 34 percent to 153.8 billion yuan (about 21.76 billion U.S. dollars) for the quarter that ended on June 30, 2020.

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The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, July 20, 2018. (Photo via Agencies)

The company's net profit attributable to shareholders was 47.59 billion yuan. 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 percent year-over-year," said Maggie Wu, chief financial officer of Alibaba Group.

Daniel Zhang, chairman and chief executive officer of the company, said Alibaba would mobilize 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.

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