Alibaba Quarterly Results Beat Expectations, With Entertainment Up 6%

China’s Alibaba Group posted stronger earnings than expected in its first financial quarter thanks to growth in its core e-commerce and cloud computing sectors, reporting Thursday a 42% rise in quarterly revenue. Revenue rose to RMB114.92 billion ($16.3 billion) in the quarter ending June 30, up from last year’s RMB80.92 billion ($11.5 billion). Analysts had predicted revenue of RMB111.73 billion ($15.9 billion), Reuters said. Alibaba has expanded its user base to 674 million annual active consumers, and will “continue to expand our customer base, increase operating efficiency and deliver robust growth,” Alibaba Group CEO Daniel Zhang said. The firm has hit 755 million monthly active mobile users as of June, an increase of 34 million from the March 2019 figure. The New York-listed conglomerate’s digital media and entertainment sector encompasses the operations of firms such as streaming platforms Youku and Tudou, film company Alibaba Pictures, Alibaba Music, and the Damai ticketing platform, among others. The sector accounted for just 5% of Alibaba’s overall revenue in the quarter ending June 30.