E-commerce and cloud-computing sales fueled higher revenue for Alibaba Group Holding Ltd. in the latest quarter, as the company posted a profit after a regulatory fine dented its bottom line in the previous quarter.
Revenue for the Chinese tech giant rose to 205.74 Chinese yuan, or about $31.9 billion. A year earlier, Alibaba’s revenue in 2020s June-ending quarter was 153.75 billion yuan.
Chinese e-commerce sales grew 34% year over year, Alibaba said, as the company added about 14 million monthly active mobile users. Cloud-computing revenue was up by 29% amid greater demand from the technology, financial services and retail industries.
Alibaba’s profit attributable to shareholders was about $6.99 billion, or about $2.57 per American depositary share.
Citing confidence in the company’s prospects for growth, Chief Financial Officer Maggie Wu said that the company is increasing the size of its program to buy back shares from investors. Alibaba will now repurchase up to $15 billion of shares through the end of next year, a rise from the company’s previous $10 billion buyback plan.
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