image credit: Wikimedia

Alibaba Q2 2019 beats analyst expectations, cloud sales surge

November 1, 2019

Via: ZDnet

Alibaba reported strong second-quarter financial results on Friday, beating analyst expectations and revealing strong growth in the firm’s cloud business.

In Q2 2019 (statement), Alibaba reported revenue growth of 40 percent year-over-year, reaching 119 billion yuan ($16.7 billion) and earnings per share of $3.85, or non-GAAP EPS of $1.83, an increase of 36 percent year-over-year.

Analysts expected revenue of 116.8 billion yuan, as reported by Reuters.

Net income attributable to shareholders was 72,540 billion yuan ($10.1 billion) in the quarter ending September, including a one-time bonus due to a 33 percent equity interest from Ant Financial.

Read More on ZDnet