Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

A person passes the Alibaba Group headquarters in Hangzhou, China, on July 20, 2018.

Aly Song/Reuters

China’s Alibaba Group Holding Ltd. beat quarterly revenue and profit estimates on Thursday, as its core commerce and cloud computing businesses continued to grow following China’s emergence from the coronavirus lockdown.

Sales from the commerce business alone jumped 34 per cent to 133.32 billion yuan (US$19.27-billion) in the quarter ending in June, slightly slower than a year earlier but still enough to prod its shares higher after the results.

The company’s stock has soared 23 per cent this year as investors globally poured money into technology businesses seen as “stay-at-home” winners from the pandemic, and Alibaba said it had bounced back from a hit to Chinese consumer spending at the start of this year.

Story continues below advertisement

“Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59 per cent year-over-year,” chief financial officer Maggie Wu said in a statement.

Alibaba is one of the big businesses seen as a potential target if President Donald Trump makes further moves against Chinese companies, following restrictions on Chinese-owned video platform TikTok and Tencent’s WeChat.

“Today, we face uncertainties from not only the global pandemic but also increasing tensions between U.S. and China,” chief executive officer Daniel Zhang said.

“We are closely monitoring the latest shift in U.S. government policies towards Chinese companies which is a very fluid situation.”

On Monday, JD.com beat analysts’ estimates for quarterly sales, while Pinduoduo Inc. is expected to report second-quarter results on Friday.

Alibaba’s net income attributable to ordinary shareholders more than doubled to 47.59 billion yuan from 21.25 billion yuan.

Excluding items, the company earned 14.82 yuan per American depository share (ADS) versus expectations of 13.78 yuan, according to IBES data from Refinitiv.

Story continues below advertisement

Revenue was 153.75 billion yuan versus a forecast 147.77 billion yuan.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies