Chinese e-commerce heavyweight Alibaba today revealed its second quarter financial statement, with a favorable outcome that sees the company nearly double its profits from the previous quarter. According to the report, Alibaba’s cloud computing business moved past the 1 million mark for paying customers, resulting in a 96% increase in cloud-related revenue year over year.
Alibaba’s total revenue rose 56% to USD 7.52 billion for the quarter ended on June 30, causing its net income to nearly double to USD 2.17 billion. Revenues generated by cloud computing operations stood at USD 357.4 million, while the total number of customers was 1,011,000, up 15.7% from 874,000 in Q1 2017. Revenue from the company’s core e-commerce business rose 58%, just shy of the 59.5% jump during the previous quarter.
Speaking to analysts about the company’s Q2 status, CFO at Alibaba, Maggie Wu, had this to say:
Our cloud computing business enjoys first mover advantage and we’ll keep expanding our market leadership by continuously providing value-added services. Our technology advantage and the team’s strong execution have strengthened our market position as reflected in expanding customer reach spanning many industries, deepening existing customer relationships, and increasing adoption of innovative and value added products by customers.
Alibaba has seen its New York-listed shares soar 80% since last December on perennially robust earnings. With those shares at all-time highs, the company’s market value is fast approaching that of industry leader Amazon.