The 2020 Mid-Year Economic Update_long

Alibaba Group’s 2Q Sales Jump 34%

CEO: “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.”
Alibaba Group Holding Ltd.

Alibaba Group Holding Ltd., (NYSE: BABA and HKEX: 9988), Hangzhou, China, on Thursday reported revenue for the second quarter of RMB153.8 billion (US$21.8 billion), an increase of 34% year-over-year.

Profit was RMB46.4 billion (US$6.6 billion). Non-GAAP net income was RMB39.5 billion (US$5.6 billion), an increase of 28% year-over-year.

“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,” said Daniel Zhang, chairman and CEO of Alibaba Group. “We mobilized our entire digital infrastructure to support the economic recovery of businesses across a wide range of sectors, while broadening and diversifying our consumer base by addressing their changing preferences in a post-COVID-19 environment. Despite these unusual times, we remain focused on the long term, on fulfilling our mission, and on creating true value for our consumers and business customers.”

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