Alibaba boosts revenue 34% to $21.8 billion In Q2

Alibaba boosts revenue 34% to .8 billion In Q2

Benefiting from the digital surge accelerated by COVID-19, Alibaba Group saw a 34% increase in year-over-year revenue, reaching $21.762 billion (U.S.). The retail giant also solidified its position in its home country of China, adding 16 million annual active consumers in Q2 for a total of 742 million.

During the quarter, Alibaba also increased its number of mobile monthly active users (MAUs) in China by 28 million, reaching a total of 874 million.

Q2 revenue from Alibaba’s China commerce retail business was $14.3 billion (U.S.) for the quarter, up 34% year-over-year, marking a strong recovery from Q1, when China was still dealing with the worst effects of the pandemic at home.

“We were well positioned to capture growth from the ongoing digital transformation, which has been accelerated by the pandemic, in both consumption and enterprise operations,” said Daniel Zhang, Chairman and CEO of Alibaba Group in a statement. “We mobilized our entire digital infrastructure to support the economic recovery of businesses across a wide range of sectors, while broadening and diversifying our consumer base by addressing their changing preferences in a post-COVID-19 environment.”

Alibaba’s Taobao Deals, which enables merchants and manufacturers to sell directly to value-conscious consumers, also posted strong results, reaching approximately 40 million MAUs in June 2020 since a new version of the platform was launched in March.

Source: retail touch points