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Cloud business will become profitable for the first time

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Exterior of Alibaba Group Beijing Headquarters on November 10, 2019 in Beijing, China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China — Alibaba‘s cloud computing business is expected to become profitable in this current fiscal year, for the first time, finance chief Maggie Wu said on Wednesday.

The Chinese e-commerce giant’s current fiscal year began in April and ends on March 31, 2021. 

That will be a welcome announcement for investors who have seen cloud computing as a very critical component for the company’s future growth. Current chairman and CEO Daniel Zhang told CNBC in a 2018 interview that cloud computing would be Alibaba’s “main business” in the future.

In a speech on…



Source cnbc.com

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