Alibaba's income doubled to $6.74b in Q2

Its China retail and cloud computing businesses boosted revenue growth.

Alibaba Group’s net income attributable to ordinary shareholders was $6.74b (RMB47.59b) in Q2 2019, soaring 124% from $3.07b (RMB21.25b) in Q2 2019, the company announced. Revenue grew 34% to (RMB153.75b) over the same period.

The rise in revenue was mainly driven by a robust revenue growth in their China commerce retail and cloud computing businesses.

“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.

Revenue from its China commerce retail business during the quarter rose 34% to $14.34b (RMB101.32b), with revenue from its China retail marketplaces recording strong recovery compared to Q1.

Revenue from its cloud computing business also soared 59% to $1.75b (RMB12.35b) thanks to bigger contributions from both public cloud and hybrid cloud businesses.

Meanwhile, its China commerce wholesale business climbed 16% to $493m (RMB3.48b), attributed to a growth in revenue from its paying members on 1688.com, as well as an increase in revenue from FMCG platform Lingshoutong.

Its international commerce retail business in the quarter jumped 26% to $992m (RMB7.01b), primarily due to the growth in revenue generated by Lazada and Trendyol, though partially offset by the deconsolidation of AliExpress Russia in October 2019.

For its international commerce wholesale business, revenue surged 43% to $454m (RMB3.2b), boosted by a rise in the number of paying members on Alibaba.com, as well as a revenue rise generated by cross-border related value-added services.