E-commerce giant Alibaba (BABA) has beaten Wall Street forecasts for its second-quarter financial results despite a slowing economy in its home market of China.
The company reported that its revenue grew by 14% year-over-year in the quarter ended June 30 to 234.16 billion Chinese yuan ($32.29 billion U.S.) versus 224.92 billion yuan that was expected.
The company’s net income, or profit, came in at 34.33 billion Chinese yuan versus 28.66 billion yuan that was forecast, an increase of 51% from a year earlier.
Alibaba managed the Q2 earnings beat despite a Chinese economy that has been slowing in recent months as consumer demand in the country of 1.4 billion people remains weak.
The company has also been undergoing some big changes. In March, Alibaba said it would split into six separate business units, with some planning to go public.
Alibaba has announced plans to publicly list its cloud computing division.
Also, Alibaba’s current chief executive officer (CEO) Daniel Zhang is stepping down in September but will remain head of Alibaba’s cloud computing business.
Company veteran Eddie Wu has been named Alibaba’s new CEO, and Joe Tsai will take over as chairman of the company.
Alibaba’s stock has gained 3% over the last 12 months to trade at $94.85 U.S. per share in New York.