The Alibaba group of Jack Ma recorded a total turnover of RMB 80.9 billion
Alibaba’s success continues. The company, listed on the New York price list, announced its quarterly financial report, which ended on June 30th. The Jack Ma group reported total revenues of RMB 80.9 billion ($ 12.2 billion).
The revenues of the core business are those that have shown the most success, seeing an increase of 61% compared to the same period last year when they had settled at 69.2 billion RMB. A large contribution to growth was given by the new Retail strategy implemented by the Alibaba group.
Joseph Tsai: “The Chinese middle class expands and requires a higher quality lifestyle”
The Hangzhou e-commerce giant is increasing its investments to support its “New Retail” strategy, a series of initiatives to integrate online and offline shopping experiences for consumers.
“Our New Retail initiatives are substantially growing Alibaba’s total addressable market in e-commerce,” Joseph Tsai, the executive vice-chairman at Alibaba.
Success in all fields, with the cloud up 93%!
“Alibaba’s three-pronged consumer offering in retail, entertainment and local services will be the long-term drivers of value creation, as the Chinese middle class expands and more of these consumers demand a higher-quality lifestyle.”
Alibaba core business revenues increased 61% to 69.2 billion yuan, while cloud revenues increased 93% to 4.7 billion yuan. Revenue from its digital media and entertainment, including the Youku streaming unit, rose 46% to 6 billion yuan.
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