Alibaba group declared the company’s financial results for the first quarter ending on March 31, 2020. Alibaba Cloud stated that the company has secured its leadership status in Asia Pacific’s cloud computing market. In the first quarter, the revenue of cloud computing, Alibaba surged 58% since last year. US$1,725 million in revenue was generated until the end of March 2020 and 62% year-over-year in the financial year 2020 to US$5,651 million. Contribution from both public cloud and hybrid cloud businesses are the reason for the growth in revenue.
Aim for $1 trillion in Gross Merchandise Volume
Alibaba additionally declares its five-year goals:
- Generate 100 million jobs
- To serve 2 billion customers across the world
- Allow 10 million businesses to be profitable
Chairman and Chief Executive Officer of Alibaba Group, Daniel Zhang stated that the company, ‘Alibaba’ has obtained a historic and huge milestone of US$1 trillion in GMV over their digital economy current financial year. Their whole business proceeded to encounter substantial growth, with a total annual existing customer base of 960 million worldwide, despite ending the financial year with a quarter affected by the economic consequences of the COVID-19 pandemic.
The Crisis has essentially changed customer attitude and enterprise operations, creating digital adaption and change a demand. The company is well-positioned and prepared to support big and small businesses over a wide spectrum of industries to manage the digital transformation they require to withstand this challenging time and ultimately predominate in the new normal. By concentrating on the long term and investing in value creation for their clients and business consumers, they consider that they will rise from this crisis more actively and be enthusiastic to achieve more growth in the future.
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