For the first three-month period following its March 2023 corporate restructuring into six distinct businesses, Alibaba Group increased Q2 revenue 14% year-over-year to $32.3 billion. The ecommerce giant also saw growth in its Taobao and Tmall group, with revenue increasing 12% to $15.8 million for Q2. Additionally, daily active users (DAU) of the Taobao app grew 6.5% year-over-year during the month of June.
“Alibaba delivered a solid quarter as we continue to execute our reorganization, which is beginning to unleash new energy across our businesses,” said Daniel Zhang, Chairman and CEO of Alibaba Group in a statement. “Through this self-driven transformation, we aim to catalyze innovation, promote vitality in our organization and enable businesses to focus on long-term growth.”
Alibaba’s Freshippo supermarkets division also has been in a growth mode, opening 12 new stores in eight Chinese cities as it prepares for an IPO. Additionally, Alibaba shares soared in July 2023 on news of a $982 million fine that many believed signaled the end to a Chinese government crackdown on the tech sector.
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