Alibaba Cloud Revenue Grows 93% From Previous Year

Alibaba Cloud revenue grew 93 percent year over year to $710 million, Alibaba Group CEO Daniel Zhang reported in its fiscal first quarter 2019 earnings call with investors. Alibaba Cloud is a subsidiary of Alibaba Group, a Chinese multi-national e-commerce, retail, and technology company, that is listed on the New York Stock Exchange. Its core business is in Chinese retail and commerce, with a revenue of about $10 billion in the first quarter. Alibaba Group CFO Maggie Wu said that both its China e-commerce retail business and Alibaba Cloud led to robust revenue growth of 61 percent year over year. Alibaba’s cloud business is quickly gaining progress on the other major public cloud players. According to a recent Synergy Research report, Alibaba Cloud surpassed IBM, snagging the No. 4 ranking in worldwide cloud infrastructure. This puts Alibaba in direct competition with Microsoft Azure and Google Cloud — all trailing Amazon Web Services (AWS), which has a strong hold on its No. 1 spot.