“Alibaba delivered excellent results this past quarter. 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.”
Daniel Zhang, Chairman and CEO of Alibaba Group
Alibaba yesterday announced its financial results for the second quarter of 2020, ending June 30. The tech and e-commerce giant obtained a revenue of 153,751 million RMB (US$21,762 million), an increase of 34% year-on-year.
The number of consumers active on Alibaba’s China-based retail marketplaces reached 742 million, an increase of 16 million from the end of March. That figure was even higher – 874 million – for monthly active users using mobile devices to access the company’s marketplaces.
Earlier this year, Alibaba hit its 5 year target of 1 trillion yuan GMV.
The company is making huge investments into AI and the IOT (internet of things) technology. Yesterday, we wrote about how Alibaba Cloud will use AI to improve Beijing’s traffic congestion. Alibaba is also trying to dominate blockchain development globally and applied for more patent applications for the first half of 2020 than the whole of 2019.
