China’s Alibaba (BABA) announced Q2 financial results that were stronger than expected.
The online retail giant said revenue surged 59% year-over-year to $4.84 billion, which was stronger than the $4.54 billion expected by analysts. Earnings excluding non-recurring items jumped 33% to $0.74 per share, beating expectations for $0.63.
Some key stats:
- Mobile monthly active users jumped to 427 million in June, up 39% year-over-year.
- Annual active buyers increased to 434 million, up 18% year-over-year.
- Gross merchandise volume (GMV) transacted increased 24% year-over-year to $126 billion. Mobile GMV accounted for 75% of total GMV.
- Cloud computing generated revenue of $187 million. The business serves 577,000 paying customers.
“Our results show the scale and leverage of our ecosystem, as we strengthen our competitive positions in core commerce, cloud computing and digital media and entertainment,” CEO Daniel Zhang said. “We are changing the way our 434 million active buyers engage with our platform, as we introduce social, community and personalization driven by smart data into our e-commerce marketplaces, realizing our vision of ‘Live@Alibaba.’ We are poised for strong profitable growth into the future.”
Alibaba is a behemoth in online and mobile commerce. Similar to Amazon.com or eBay.com, Alibaba offers an online marketplace that facilitates transactions for third party retailers. The company serves approximately 360 million active buyers and 8.5 million active sellers.
Disclosure: Yahoo Finance parent Yahoo owns shares of Alibaba.
Sam Ro is managing editor at Yahoo Finance.