Tech

Alibaba posts quarterly profits lifted by e-commerce and cloud computing

Alibaba Group Holding Limited posted profits after a regulatory fine was imposed in the previous quarter, driving e-commerce and cloud computing revenue to boost revenue growth in the most recent quarter.

China’s tech giant’s revenue has risen to RMB 205.74, or about $ 31.9 billion. A year ago, Alibaba’s revenue for the end of June 2020s was 153,750 million yuan.

According to Alibaba, e-commerce sales in China increased 34% year-on-year with the addition of approximately 14 million active mobile users per month. Cloud computing revenue increased 29% amid rising demand from the technology, financial services and retail industries.

Alibaba’s profit attributable to shareholders was approximately $ 690 million, or approximately $ 2.57 per American Depositary Receipt.

Chief Financial Officer Maggie Wu said he is expanding the scale of the program to buy back shares from investors, citing confidence in the company’s growth prospects. Alibaba plans to repurchase up to $ 15 billion in shares by the end of next year, an increase from the company’s previous $ 10 billion repurchase plan.

Alibaba posts quarterly profits lifted by e-commerce and cloud computing

Source link Alibaba posts quarterly profits lifted by e-commerce and cloud computing

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