(CTN News) – Alibaba announced on Thursday that its revenue grew by 14% year over year in the quarter ending June 30 compared to last year.
There has been an increase of more than 2.5% in share prices of the company that are traded on the New York Stock Exchange during pre-market trading.
In comparison with Refinitiv consensus estimates for the June quarter, here is how Alibaba performed during the quarter compared to those estimates:
As a result of the company’s efforts, revenue rose 14% year-over-year to 234.16 billion Chinese yuan ($32.29 billion), exceeding expectations of 224.92 billion yuan.
The company’s net income attributable to ordinary shareholders was 34.33 billion Chinese yuan compared to 28.66 billion Chinese yuan expected, up 51% from last year.
In the past few months, Alibaba has grappled with a Chinese economy that has proven to be a mixed bag, ever since the country eased its strict pandemic controls in December.
The domestic consumer demand has remained weak, which has deterred investors from expecting a strong rebound.
As a company based in Hangzhou, the company has undergone a lot of changes over the past few years.
The company announced in March that it was going to split into six business groups, and that some of these groups would be able to raise outside funding as well as go public within the next few years.
In the near future, as has already been announced, Alibaba plans to list its cloud computing division on the public markets in order to raise funds for its future growth.
There is a possibility that Alibaba’s current CEO and chairman Daniel Zhang will step down in September, but he will remain in charge of the company’s cloud computing business as it moves towards becoming a public company.
Earlier this year, Alibaba announced that Alibaba veteran Eddie Wu would succeed him as CEO, and Joe Tsai would take over as chairman, the company said.