Alibaba Group Holding Limited‘s (BABA – – Free report) The expansion of the core retail and cloud business is expected to reflect the third quarter results, which are due to be released on February 2nd.
The cloud business has quickly become a major driver of revenue growth. Cloud computing has emerged as a key technology in the fight against the coronavirus pandemic. This technology has become more popular around the world because it enables data interoperability in a scalable and cost-effective way by collecting, processing, analyzing, and sharing data across platforms.
In the last quarter of the report, revenue in the cloud computing segment rose 60% to 14.9 billion RMB (2.19 billion USD) compared to the same period last year. Revenue in the core Commerce segment also rose 29% year over year to RMB 130.9 billion (USD 19.3 billion).
Zacks’ consensus estimate for fiscal third quarter revenue for the cloud computing segment is $ 2.5 billion, …