Alibaba Cloud announces a 58% increase year-over-year

Alibaba reported financial results. Alibaba Cloud announced that the company has maintained its leadership position in Asia Pacific’s cloud computing market. Cloud computing revenue grew 58% year-over-year to US$1,725 million in the quarter ended March 31, 2020, and 62% year-over-year in the fiscal year 2020 to US$5,651 million.

$1 trillion in GMV

This significant increase is primarily driven by increased revenue contributions from both public cloud and hybrid cloud businesses. For the quarter ended March 31, 2020, Alibaba’s revenue was US$16,144 million, an increase of 22% year-over-year. For the fiscal year ended March 31, 2020, the revenue was US$71,985 million, an increase of 35% year-over-year.  Alibaba also announced its five-year goals:

• Serve 2 billion global consumers;
• Enable 10 million businesses to be profitable; and
• Create 100 million jobs.

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group said,

“Alibaba achieved the historic milestone of US$1 trillion in GMV across our digital economy this fiscal year. Our overall business continued to experience strong growth, with a total annual active consumer base of 960 million globally, despite concluding the fiscal year with a quarter impacted by the economic effects of the COVID-19 pandemic. The pandemic has fundamentally altered consumer behavior and enterprise operations, making digital adoption and transformation a necessity.

We are well-positioned and prepared to help large and small businesses across a wide spectrum of industries achieve the digital transformation they need to survive this difficult period and eventually prevail in the new normal. By focusing on the long term and investing in value creation for our consumers and business customers, we believe we will emerge from this crisis stronger and be ready to capture more growth in the future.”