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After a long period of stagnation, Alibaba Cloud seems to have finally found its direction for growth again.

There are two ways to count Alibaba Cloud's revenue in the financial report. One is to include the cloud usage revenue of Alibaba's affiliated companies, and the other is to only calculate the revenue from Alibaba Cloud's external sales. The former involves internal procurement of the Alibaba Group, while the latter can more intuitively reflect Alibaba Cloud's revenue situation.

On the evening of August 15, Alibaba Group released its latest quarterly results. According to the first caliber, in the second quarter ending June 30, 2024, the Cloud Intelligence Group's revenue was RMB 26.549 billion (US$3.653 billion), a year-on-year increase of 6%, and a year-on-year increase of 3% in the previous quarter.

According to the second caliber, Alibaba Cloud's overall revenue (excluding revenue from Alibaba's consolidated business) increased by more than 6% year-on-year. It is worth noting that due to industry cycles, reductions in proprietary cloud projects and other reasons, Alibaba Cloud's overall revenue has declined year-on-year for several consecutive quarters.

Does this mean that Alibaba Cloud has found a new code for growth?

Where does the growth momentum come from?