Alibaba’s cloud business to become profitable this fiscal year – exec
Alibaba’s Chief Financial Officer Maggia Wu asserted on Wednesday that the company’s cloud business Alibaba Cloud is set to turn to profit by the end of fiscal 2021 that started in April.
In a speech on Alibaba’s 2020 Investor Day, Wu said the technology represents a “growth engine,” adding that the world reached a “nascent stage of the global cloud era.”
Therefore, the Chinese e-commerce giant has invested more than 100 billion yuan ($14.7 billion) in technology, research, and development each year in recent years, she revealed.
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