The cloud activity of Chinese ecommerce giant
Alibaba has contributed to the company reporting record growth. Alibaba Cloud (also known as ‘Aliyun’) is Alibaba Group’s cloud division. Established in 2009, the company has head offices in Singapore and caters to more than 2.5 million customers. It provides a range of scalable cloud computing and data management offerings and has a presence in the Middle East, Europe, Australia and Japan. The company’s revenue from cloud computing activity has reportedly jumped 101%.
Alibaba Group has reported a 47% increase in net profit for the 2017-2018 fiscal year. The bulk of the group’s revenue is generated by its Ali Express and Ali Baba online trading platforms, both of which have benefited from an increase in smartphone-driven sales. In total Alibaba Group’s first quarter revenues are reported to have topped $10 billion. Its year-on-year revenue was 250.27 billion yuan ($39.30 billion). Its digital media activity also increased by 33%.
“Alibaba Group had an excellent quarter and fiscal year, driven by robust growth in our core commerce business and investments we have made over the past several years in longer-term growth initiatives,” explained Alibaba’s spokesman Daniel Zhang. “Looking ahead to fiscal 2019, we expect overall revenue growth above 60 percent, reflecting our confidence in our core business as well as positive momentum in new businesses. During the past year, we also doubled down on technology development, cloud computing, logistics, digital entertainment and local services so that we are in a position to capture consumption growth in China and other emerging markets.”
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