Overview

• June-quarter revenue reached 247.65 billion yuan, trailing the 252.9 billion yuan LSEG consensus.
• Net income rose to 43.11 billion yuan, up 78% year over year and above expectations, boosted by mark-to-market gains on equity holdings and a disposal tied to Trendyol’s local consumer service business.
• Cloud revenue climbed 26% to 33.4 billion yuan, accelerating from 18% growth in the prior quarter on what management described as robust AI demand.
• Alibaba shares turned higher by more than 1% in U.S. premarket trading after an initial dip following the results.
• CEO Eddie Wu said platform synergies drove new highs in order volumes and monthly active users, though the company still faces uncertainty from a slowing Chinese economy.