Chinese e-commerce giant Alibaba reported a 14% YoY revenue growth for the quarter ending June 30, its highest annual sales increase since September 2021.
This led to a 4.5% increase in its U.S.-traded shares during premarket trading. The Q2 performance exceeded Refinitiv’s consensus estimates, with revenue reaching 234.16 billion yuan ($32.29 billion), up 14% YoY.
Alibaba’s main businesses, Taobao and Tmall Group, saw a 12% YoY rise in revenue. Its push into overseas markets resulted in a 60% YoY increase in revenue from international commerce retail and a 34% YoY rise in its Cainiao logistics business revenue.
Despite a 4% YoY revenue growth in its cloud business, Alibaba noted strong demand in its cloud sector for AI services, stating it’s the beginning of a new era.
The company has been going through a reorganization and leadership transition, with current CEO Daniel Zhang stepping down in September.