Alibabas cloud computing division becomes profitable for the first time as earnings beat forecasts
Summary
The Alibaba Group Holdings Ltd. headquarters stand illuminated at night ahead of the annual November 11 Singles Day online shopping event in Hangzhou, China, on Sunday, Nov. 10, 2019. Alibaba previously said that it expects its cloud division to become profitable within its current fiscal year which began in April and ends on March 31, 2021. The milestone will be welcomed by investors who have put great importance on cloud computing to drive Alibabas future growth. Current chairman and CEO Daniel Zhang told CNBC in a 2018 interview that cloud computing would be Alibabas "main business" in the future. "Our cloud computing business continues to expand market leadership and show strong growth, reflecting the massive potential of Chinas nascent cloud computing market as well as our years of investment in technology," Alibaba CEO Daniel Zhang said in a press release.