Following recent healthy cloud sector results from AWS, Google, and Microsoft Alibaba Cloud
Per CNBC cloud storage
Though the company’s overall net income has dropped 29% year-on-year (YoY), maybe don’t feel too bad for them, as its overall US shares still saw a 2% rise in value, and it still made $3.4 billion in net income.
Alibaba’s tumultuous cloud growth
CNBC quoted a company spokesperson as claiming the somewhat dramatic fall in income was driven by “an increase in impairment” across its investments
However, it shouldn’t be forgotten that Alibaba is currently caught in a pivot out of the Australian and Indian regional cloud markets retain in-house control of its cloud business
For Alibaba’s Cloud Intelligence Group, quarterly revenue currently sits at having risen 6% YoY, a decrease of 3% compared to last November. Management sees artificial intelligence (AI) as a core driver of growth for that part of the business, with a spokesperson claiming that the company’s ““AI-related product revenue continued to grow at triple-digits year-over-year.”
Despite drops in revenue across the board and decreases in growth for cloud, Alibaba has somehow calculated its EBITA, a measure of profit calculating earnings before interest, taxes and amortization, as having risen 155% YoY.
More from TechRadar Pro
+ There are no comments
Add yours