May 4, 2018

Alibaba announces Q4 earnings; attribute cloud computing for growth

The cloud revenue has grown by 103% year-on-year as a result of alliances with Cathay Pacific, Malaysian Government and China National Petroleum.

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Tech mogul Alibaba have announced their earnings which have grown by 61% for March and 58% for Financial Year ending 2018. This revenue growth has been hugely contributed by their cloud business that has grown by 103% year-on-year, thanks to recent alliances with Cathay Pacific, Malaysian Government and China National Petroleum Corporation (CNPC).

Alibaba say they have clocked a revenue of USD 39.9 billion for the year 2018 with e-commerce and cloud driving their revenue. They also say that their cloud revenue has grown by leaps and bounds as a result of monitoring growth and potential for cloud technology in the fields of transport, petroleum, AI (Artificial intelligence) and logistics.

According to Alibaba, their alliance with Cathay Pacific was struck to provide cloud-based data center services to the airlines. They also say that this alliance has helped offer greater travel options to Chinese customers and promote travel within China.

Speaking about this alliance, Jerry Hu, Vice President of Alibaba Group had said:

This collaboration will make significant inroads to demonstrate how airlines can enhance their approach to operations, marketing and customer management by leveraging on advanced technologies.

Alibaba believe that their other collaborations with China National Petroleum Corporation and Malaysian Government also bore fruit. They claim that the Malaysian Government alliance was made to launch a logistics hub by leveraging AI whereas the CNPC alliance was made to enable payment systems by leveraging the power of the cloud.

In closing, the tech giant added that they are predicting a 61% growth for FY 2019.

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