Alibaba Group posted a healthy quarter, with active consumers reaching 1.18 billion, an increase of 45 million from Q1, according to a press release by Alibaba on Tuesday.
- The Chinese e-commerce giant reported a 34% YOY increase in revenue to $31,865 million for the quarter ended June 30. The adjusted EPS rose by 12% YoY to $2.57.
- Alibaba’s annual active consumers in China increased by 11.6% to 828 million. The more active consumers will help to generate more advertising revenue.
- Alibaba’s cloud computing segment improved by 29% compared to 2020’s second quarter.
- The company’s digital media and entertainment unit recorded revenue growth of 15% YoY.
Maggie Wu, Chief Financial Officer of Alibaba Group, stated that the company was investing excess profits and additional capital to support merchants and investing in strategic areas.
BABA down -3.16%.