Alibaba has again beat analyst estimates reporting a 56% increase in revenues for the quarter ending June 30, as the ecommerce giant continues to grow.
The ongoing strength of China’s ecommerce market was the main driver behind Alibaba’s robust results, with revenue of RMB 50.2bn ($7.4bn) and income of RMB 14.03bn ($2bn).
Alibaba’s core commerce revenues grew 58% year-on-year to reach RMB 43.02bn ($6.3bn), while revenue from cloud computing surged 96% to RMB 2.4bn ($359m)
Alibaba’s digital media and entertainment business increased 30% year-on-year to reach RMB 4.08bn ($602m).
The ecommerce giant added 12 million annual active consumers to top Read full story ›
Source: The Drum
Industry News