HANGZHOU, Feb 21 — Chinese e-commerce giant Alibaba Group late on Thursday confirmed its fastest quarterly revenue growth in more than a year, backed by its growing cloud computing business and AI investments, reported Xinhua.
Alibaba’s revenue for the quarter ending December 31 grew by 8 per cent to 280.15 billion yuan (about RM170 billion) compared to the same period of the previous year, beating market expectations.
Notably, revenue from its cloud computing business logged the highest growth level in nearly two years, up 13 per cent year on year to 31.74 billion yuan.
The growth of Alibaba Cloud has been primarily boosted by double-digit growth in public cloud revenue, with AI-related products achieving triple-digit year-on-year growth for the sixth consecutive quarter, according to Alibaba Cloud.
In addition, driven by overseas e-commerce platforms such as AliExpress and Trendyol, the revenue from international e-commerce in the quarter saw a rapid and significant year-on-year increase of 32 per cent.
Analysts widely interpreted this revenue growth as signalling both a rebound in Alibaba’s commercial business and notable advancements in artificial intelligence.
“We will continue to focus on three business categories — domestic and international e-commerce, AI+cloud computing, and internet platform businesses. We are confident that our focused strategy will drive sustained solid growth for Alibaba Group,” noted Eddie Wu, Alibaba Group’s CEO, during an earnings call with investors and analysts. He also revealed that Alibaba will soon release a deep reasoning model built on Qwen2.5-Max. — Bernama-Xinhua
