Alibaba Q2 revenue surges 56%

Alibaba Group said revenue in the second quarter surged 56% to RMB50.2 billion driven by growth in online sales, which makes up most of its business.

Core e-commerce related income in the three months ended 30 June jumped 58%, according to a filing yesterday.

Gross merchandising volume at its business-to-consumer site Tmall soared 49%, with fashion and apparel, consumer electronics and fast moving consumer goods among the key categories that expanded robustly.

Alibaba, which generates revenue from merchants on its online platforms, shored up its lead in digital advertising through sharper targeting of its 466 million active consumers.

Revenue at cross-border and international consumer businesses more than doubled to US$389 million, driven by strong growth in its Southeast Asian platform Lazada and China outbound platform AliExpress.

“Our technology is driving significant growth across our business and strengthening our position beyond core commerce,” said Daniel Zhang, CEO of Alibaba Group.

“We are excited about the future as we continue to innovate and drive synergies among the businesses throughout the Alibaba ecosystem,” Zhang said.

In the cloud business, revenue grew 96% in the quarter to RMB 2.4 billion, with total paying customers breaking the 1 million mark for the first time, up from 577,000 a year earlier.