Alibaba earnings soared in the second quarter thanks to a strong performance in e-commerce and cloud computing
) reported a better-than-expected 40% rise in second-quarter revenue on Friday, powered by strong growth in its e-commerce and cloud computing businesses.
Sales from the company’s e-commerce business rose about 40% to 101.22 billion yuan, while its cloud computing business posted a 64% jump in revenue to 9.29 billion yuan. For Alibaba, this has meant doubling down on reaching consumers in China’s second- and third-tier cities. In an earnings call with analysts, Alibaba CFO Maggie Wu highlighted how the company’s broad range of apps allows it to appeal to a wide range of consumers.
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