Alibaba group reports steady growth in Q2 2024, as net income soars 63%

Alibaba Group reported a 5% year-on-year revenue increase to RMB 236.5 billion ($33.7 billion) in the second quarter of 2024, with steady growth in core operations.

Net income surged 63% to RMB 43.5 billion ($6.2 billion), driven by improved profitability and possible non-recurring gains.



Alibaba Cloud’s commercial revenue growth accelerated, achieving a 7% year-on-year increase this quarter, driven by double-digit growth in cloud services. Revenue from AI-related products has sustained triple-digit year-on-year growth for five consecutive quarters. During this quarter, Alibaba released Qwen 2.

5, the next-generation open-source large language model of Tongyi Qianwen. As of September, cumulative downloads have exceeded 40 million. The group’s adjusted EBITA fell 5% year-on-year to RMB 40.

56 billion ($5.7 billion), due to, Alibaba claimed, increased investments in e-commerce.[ Alibaba ] Related.