Alibaba Hits $32.29B Revenue

  • last year
Alibaba reported a 14% year-on-year increase in revenue for the quarter ending June 30th, marking its largest annual sales growth since September 2021. This growth surpassed Refinitiv consensus estimates, with revenue reaching 234.16 billion yuan ($32.29 billion). Alibaba's core businesses, Taobao and Tmall Group, experienced a 12% revenue increase to 114.95 billion yuan ($15.94 billion.) The Chinese e-commerce giant's push into international markets resulted in a 60% surge in revenue from international commerce retail and a 34% rise for its Cainiao logistics business. The positive results came amidst significant organizational changes, including the impending departure of CEO and Chairman Daniel Zhang and a restructuring of the company's business groups.

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