Alibaba’s U.S.-listed stock rose by 3.5% in premarket trading on Thursday following the company’s quarterly earnings report. The company posted its highest revenue since September 2021.
Revenue for the quarter ended June 30 was 234.16 billion Chinese yuan ($32.29 billion); a 14% year-on-year rise that beat Wall Street earnings estimates of 224.92 billion Chinese yuan.
The eCommerce giant’s main business, Taobao and Tmall Group, saw a 12% annual rise in sales 114.95 billion yuan. This was largely driven by the use of the company’s Taobao app, with usage rising by 6.5% from the previous year.
International markets have also played a major role in Alibaba’s revenue growth, particularly as the Chinese economy continues to stagnate in its post-pandemic rebound. Alibaba’s Cainiao logistics business, driven by international business, saw its revenue rise by 34% to 23.16 billion yuan during the three months ending June 30.