Alibaba (BABA) Posts Mixed Q2 Results, Cloud Business Remains Key Growth Driver

Alibaba Group Holding Limited (NYSE:BABA) ranks among the best Asian stocks to buy. On August 29, Alibaba Group Holding Limited (NYSE:BABA) reported second-quarter earnings of 14.75 yuan per share, falling short of analyst expectations of 15.47 yuan. The company’s revenue came in at 247.7 billion yuan, which was lower than the consensus expectation of 253.8 billion. On the other side, the IT giant recorded a 78% increase in net income, aided by gains from investments in equity and the sale of its Turkish subsidiary Trendyol, although this was somewhat offset by lower operating income.

Cloud computing continued to be a major growth engine, as revenue increased 26% to 33.4 billion yuan, stronger than the previous quarter’s 18% rise. Additionally, the division, which is at the heart of Alibaba’s AI objectives, reported a 26% increase in adjusted EBITA.

Alibaba Group Holding Limited (NYSE:BABA) is an e-commerce and technology company that caters to small business owners and consumers. The company is also a pioneer in cloud computing, logistics, and digital media.

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Disclosure: None. This article is originally published at Insider Monkey.