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.