Chinese internet giant Alibaba Group has reported revenues from its cloud business of $710m for Q1 to June 2018, a 93% increase on the previous year. Company-wide, Alibaba reported a 61 percent year-on-year increase in revenue to US$12.22 billion. The figures follow the recent launch of nine cloud products, including Apsara Stack, Machine Learning Platform for AI and Anti-Bot Service. However, Alibaba's cloud investments prompted a loss in adjusted EBITA margins of $74m for the business division. In terms of revenue, Alibaba Cloud is expected to grow at an annual rate of 30% over the next three years, with revenue growing by more than 50% year-on-year during Q2.
Chinese internet giant Alibaba Group has reported revenues from its cloud business of $710m for Q1 to June 2018, a 93% increase on the previous year. The figures follow the recent launch of nine cloud products, including Apsara Stack, Machine Learning Platform for AI and Anti-Bot Service. However, Alibaba's cloud investments prompted a loss in adjusted EBITA margins of $74m for the business division. In terms of revenue, Alibaba Cloud is expected to grow at an annual rate of 30% over the next three years, with revenue growing by more than 50% year-on-year during Q2.