The cloud computing segment, touted as a key business for the Chinese e-commerce giant, saw further slowdown in growth in the quarter. Here’s a look at how the business has fared compared to the company’s US rivals:
Alibaba’s cloud sales are declining sequentially: Alibaba said its cloud computing business had revenue of $ 2.49 billion in the June quarter, accounting for 8% of the company’s total revenue.
The performance of the June quarter was an increase of 29% compared to the same period last year, but a decrease of 2.7% compared to the previous quarter.
The year-over-year growth in the cloud business was primarily driven by robust revenue growth with customers in the internet, financial services and retail sectors.
The year-on-year growth began to weaken from the March quarter, as a top cloud customer, allegedly TikTok mom ByteDance made use of Alibabas …