Net income was 47.59 billion yuan (US$6.73 billion). Non-GAAP net income was 39.47 billion yuan (US$5.58 billion), an increase of 28 percent year-over-year. Revenue was 153.75 billion yuan versus a forecast 147.77 billion yuan. Cloud computing revenue grew by 59 percent year-over-year to 12.34 billion yuan (US$1.74 billion), mainly driven by increased revenue contribution from both our public cloud and hybrid cloud businesses, reflecting higher average revenue per customer, Alibaba Group said. Sales from the commerce business alone jumped by 34 percent 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.

Source: The Standard August 20, 2020 14:59 UTC