And as I said before, we have like large global, which is a cross-border business from China and other countries. Thank you. This is Maggie. We are closely monitoring the latest shift in US government policies towards Chinese companies, which is in a very fluid situation. At the same time, we also want to invest smartly — aggressive and smartly.Smartly means that we’re aiming in long-term sustainable growth rather than just temporarily acquire customers and GMVs. Operator, can you hear us?This is Maggie. And I think 6.18 as a mid-year campaign is part of our annual operations.And we think that we took the right approach to meet the demand and grow emerging demand of the consumers I think post-pandemic, and also meet the demand of the suppliers who want to sell more products and deliver more services to their customers. So we show 59% year-on-year growth in revenue and at the same time, the losses continue to be narrowed. To supplement what Daniel said, towards — regarding your question on the competition and cloud computing, our peer company who also has cloud businesses, they report their results as well. Thank you very much. Revenue from local consumer services was RMB7.1 billion, up 15%. A replay of the call will be available on our website later today.Now, let me quickly cover the Safe Harbor.

Operator, next question, please.Your next question comes from Mark Mahaney. But that’s not all, that’s part of consumer experiences. Another issue to watch for will be the company’s view on weakening relations between the U.S. and China, particularly in the realm of technology. We are assessing the situation and any potential impact carefully and thoroughly and will take necessary actions to comply with any new regulation.Now, I will turn it over to Maggie, who will walk you through the details of our financial results.Thank you, Daniel. Your next question comes from Youssef Squali from Truist.

At the same time, we use our incremental profit to continue to invest back into our business.So June quarter, free cash flow and capex, our businesses overall continued to show strong profitability and cash flow. Maggie, I think in your prepared remarks you talked about re-investments back into the business, the profits, reinvestment back into the business. The software firm reported a 20% increase in Q2 revenues to $1.06 billion, beating Wall Street consensus. With us are Daniel Zhang, Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer. We’ll update you at due course if there are any updates. We have our Lazada marketplace, which is more like a small B2C or even C2C. But I think the most important thing is that we have people engaged with us.

We continue to enjoy solid revenue growth by segments. Our domestic core commerce business has fully recovered from the COVID-19 impact and showing strong growth.

Alibaba reports fiscal first-quarter earnings Thursday morning. This allows us to have multi-engine drivers for the revenue and profit growth. The company is turning its prime money-market fund into a government fund, effective in late September.Emily Bary is a MarketWatch reporter based in New York. Alibaba stock was last seen trading at $253.97. Although, the global community continues to struggle with uncertainties surrounding the pandemic, we have seen encouraging signs of recovery in China due to effective management of the outbreak in vast majority of the country. We did notice that 6.18 period, you were very — you were much more aggressive and it bore fruit very, very quickly for you and we want to do understand if those two can be read together and we can see an emergence of potentially a much more aggressive stance from you that would bear fruit over time?

Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc.© COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. Thanks for taking my question. Alibaba “is still focusing on helping merchants recover from COVID-19, and revenue growth is expected to be slower than [gross-merchandise volume],” he wrote. Thank you. In July, cinemas started to gradually reopen in China and Alibaba Pictures has been preparing for business to resume. Daniel, I was just wondering if you believe that, as a result of this pandemic there has been a structural impact on lower-income consumers and maybe how long it may take them to recover over time? Thanks again. Just as we did in 2003 during SARS and in 2008 during the global financial crisis.In the 12 months ended June 30, 2020, annual active consumers on our China Retail Marketplaces reached 742 million, representing a quarterly net increase of 16 million. Piyush, as you observe that during this June 18 Shopping Festival, we together with the local government and together with our merchant partners has invested billions of RMB in consumer coupons, subsidies to stimulate domestic consumption. Losses reduced by about RMB1 billion year-on-year to RMB1.3 billion for the DME segment.Innovation Initiatives and others, the increased losses were primarily due to our investment in DingTalk businesses and also often maybe for the user expansion as well as the technology research and innovation. In addition to food and beverage, Ele.me now also delivers everyday necessities such as groceries, fresh produce, medicines and flowers from local merchants.In the June quarter, Ele.me achieved positive unit economics as a result of improved operational efficiency. [Foreign Speech] Operator, please connect speaker and SI conference line now.

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