China’s Alibaba Group on Thursday announced it has achieved US$16.7 billion in revenue, up by 42 percent year-over-year for the financial quarter that ended June 30.
The ecommerce giant got a strong push in this from its cloud business. Alibaba cloud computing business continues to diversify and exhibit strong revenue growth. Its revenues surged 66 percent year over year, moved by an increase in average revenue per customer.
“Alibaba Cloud launched over 300 new products and features, including those related to core cloud offerings, security, data intelligence and AI applications,” according to the report.
The Chinese e-commerce giant adjusted EBITDA increased 34 percent year-over-year. It also expanded user base on its online shopping properties in China that grew to 674 million annual active consumers by 20 million quarter over quarter, while the mobile monthly active users reached 755 million, increasing 34 million quarter over quarter.
The revenue result from the company represents how it is gaining share in Asia.
“We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally,” said Daniel Zhang, Chief Executive Officer of Alibaba Group.
In the current quarter, Alibaba’s China retail marketplaces, especially Taobao Marketplace saw a fast-growing consumption demand and user engagement from less developed areas, reflecting successful promotional strategies. The company broadened its base of users, having over 70 percent of annual active consumers from the lower-tier cities.
Its Tmall platform continues to benefit tremendously with physical goods paid GMV increasing 34 percent in this segment and is believed to continue to be the leading choice among consumers, mainly driven by the ongoing trends.
The company said, it is pleased with the user engagement and will continue to invest for long term growth.
Photo: Alibaba Group