Alibaba returns to pre-COVID growth

Revenues for the quarter ending June 30 at Chinese online giant Alibaba Holdings grew by 34% year on year to US $21.8 billion, while profit (EBITDA) grew 30% to $7.2bn compared to the same quarter in 2019. This suggests recovery to pre-pandemic levels across all of its businesses.

“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 Chief Executive Officer of Alibaba Group.

“We mobilised 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.”

Maggie Wu, Chief Financial Officer of Alibaba Group said, “Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59% year-over-year. Our strong profit growth and cash flow enable us to continue to strengthen our core business and invest for long term growth.”