The headquarters of Alibaba Group Holdings Ltd. will be illuminated at night before the annual Singles’ Day online shopping event on November 11 in Hangzhou, China on Sunday November 10, 2019.
Qilai Shen | Bloomberg | Getty Images
Guangzhou, China – Alibaba First reported profitability for its cloud computing business to diversify its business beyond e-commerce as it is subject to government scrutiny in China.
The Chinese tech giant reported adjusted EBITA (earnings before interest, taxes, depreciation and amortization) of 24 million yuan ($ 3 million) for its cloud business in the December quarter. Adjusted EBITA is a measure of profitability. This represents a loss of 356 million yuan over the same period in 2019.
Alibaba previously said it expects its cloud business to become profitable within the current fiscal year, which began in April and ends on March 31, 2021.
The milestone is welcomed by investors who have been given great importance Driving Cloud Computing …