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

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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.