Home Business NewsBusinessBusiness Growth Alibaba quarterly revenue soars by 124%

Alibaba quarterly revenue soars by 124%

by LLB Finance Reporter
20th Aug 20 2:13 pm

Alibaba group’s revenue leapt by 34% from a year ago to $21.8m in the June quarter on the back of their cloud computing business and China online retail.

With gains mainly from equity investment the groups net income hit $6.7bn. However the company are monitoring President Donald Trumps change towards Chinese companies, following Huawei and TikTok.

Chairman and chief executive of Alibaba Daniel Zhang Yong, said on Thursday, after announcing the company’s latest financial results, “Today we face uncertainties from not only the global pandemic, but also increasing tensions between the US and China.

“As the world’s largest e-commerce platform, Alibaba’s primary commercial focus in the US is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China, as well as the other key markets around the world.”

He added, “We mobilised 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.”

You may also like

Leave a Comment


Sign up to our daily news alerts