Alibaba Cloud Division To Be Profitable Within FY2021 – CFO

HONG KONG: Chinese tech giant Alibaba’s cloud unit expects to be profitable within 2021, a senior executive said on Wednesday.

Maggie Wu, chief financial officer of Alibaba, made the remarks at an livestreamed investor day event.


The company, a dominant player in China’s cloud market, is fending off challenge from domestic rival Tencent which is also trying to capture cloud business opportunities.

Alibaba has said it would invest 200 billion yuan ($29.36 billion) in its cloud infrastructure over three years.

In the June quarter, Alibaba’s cloud computing revenue grew 59% from a year earlier to 12,345 million yuan on higher revenue contribution from its public cloud and hybrid cloud businesses.

Cainiao, Alibaba’s logistics unit, will likely see operating cash flow turn positive in fiscal year 2021, Wu added.

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Team develops portable device that creates 3D images of...

A team from Nanyang Technological University, Singapore (NTU Singapore) has developed a portable device...

Elon Musk Deletes Tweet Claiming Tesla Could be Biggest...

San Francisco: Tech billionaire and Tesla CEO Elon Musk has now deleted a tweet...

Video Meetings Lined Up? Zoom Wants To Be Everywhere...

Over the last few months, Zoom has done what not many brands have been...