The Chinese online-retailer Alibaba Group Holding Ltd. posted better-than-expected revenue in the latest quarter as annual active customers grew 17 per cent to 674 million, reports the Wall Street Journal.
The company reported revenue for the June quarter of 114.9 billion yuan ($16.3 billion), up 42 per cent from the previous year. (https://www.wsj.com/articles/alibaba-beats-revenue-expectations-11565868947?mod=hp_lista_pos2)
The growth was driven by the company’s core commerce business, which includes its Tmall and Taobao shopping platforms, as well as its booming cloud division, reports CNBC. (https://www.cnbc.com/2019/08/15/alibaba-q2-2019-earnings-preview-e-commerce-cloud-to-provide-growth.html)
The Chinese multinational conglomerate holding company owns the flagship English-language newspaper the South China Morning Post. It is one of the top 10 biggest and most valuable companies in the world. It is the world’s largest retailer and e-commerce company.