Alibaba Reports Solid Earnings Beat, Revenue Rises Most Since Sept. 2021

Chinese e-commerce giant Alibaba has reported a solid earnings beat, with a 14% year-on-year growth in revenue for the quarter ending June 30. This marks the largest annual increase in sales since the September 2021 quarter. The company's push into overseas markets was successful, evidenced by a 60% year-on-year surge in revenue from international commerce retail, while its cloud business reported a 4% growth in revenue despite challenges from reduced demand for remote work and education services due to the pandemic.