Alibaba reports solid earnings beat, revenue rises most since Sept. 2021

• Chinese e-commerce giant Alibaba on Thursday said revenue grew by 14% year on year in the quarter ended June 30.
• The company’s push into overseas markets bore results, with revenue from international commerce retail surging by 60% year on year to 17.14 billion yuan in the June quarter.
• “Alibaba delivered a solid quarter as we continue to execute our Reorganization, which is beginning to unleash new energy across our businesses,” CEO and Chairman Daniel Zhang said in a release.

Chinese e-commerce giant Alibaba on Thursday said revenue grew by 14% year on year in the quarter ended June 30. That’s the biggest annual increase in sales since the September 2021 quarter, according to Refinitiv data.

The company’s U.S.-traded shares rose by 4.5% in premarket trading.

Here’s how Alibaba did in the June quarter versus Refinitiv consensus estimates:

• Revenue: 234.16 billion yuan ($32.29 billion) versus 224.92 billion yuan expected, up 14% year on year.
• Net income attributable to ordinary shareholders: 34.33 billion yuan versus 28.66 billion yuan expected, up 51% year on year.

Alibaba’s main business, Taobao and Tmall Group, saw revenue rise 12% year on year to 114.95 billion yuan in the June quarter. The company noted that the Taobao app for online shopping saw daily active users rise in June by 6.5% from a year ago — and rose further to more than 7% in July.

The company’s push into overseas markets also bore results, with revenue from international commerce retail surging by 60% year on year to 17.14 billion yuan in the June quarter.

Source: CNBC