Alibaba Group had strong growth in all business activities in the last quarter, said Mr. Daniel Zhang, Chairman and CEO of Alibaba Group.
Specifically, China's e-commerce giant recorded revenue of approximately 161.5 billion yuan in the last 3 months of 2019, up nearly 40% compared to the previous year.
While the profit reached 52.3 billion yuan (equivalent to 7.5 billion USD), an increase of more than 50% over the same period last year. Alibaba's cloud computing segment is also thriving. Alibaba's cloud revenue increased by 62% compared to 2018.
Our digital economy has reached a new height with sales records from traders and partners recognized at the 11th Global Shopping Festival.
Continue to invest in connecting users, especially with commercial content through social networks, contributing to the strong growth of the number of regular consumers each year. Thanks to that, for the first time, cloud computing services have brought in more than 10 billion Nhan Dan Te (equivalent to 1.434 billion USD) in revenue in just one quarter, Mr. Daniel Zhang shared more.
To repel the COVID-19 pandemic, Alibaba Group has mobilized its ecosystem's strong trading and technology platform to fully support the fight against the outbreak of the epidemic, ensuring the supply of daily necessities to the community and providing practical relief measures for traders.
Last November, Alibaba successfully listed on the main floor of Hong Kong Stock Exchange and received strong growth results in the fourth quarter, with revenue increasing by 38% compared to the previous year. Ms. Maggie Wu, CFO of Alibaba Group said. In the coming time, we will continue to focus on investing in digital services and infrastructure, supporting customers and partners in the Alibaba digital economy, especially in difficult times.
