Alibaba is going to spin off its cloud subsidiary. This must be done within twelve months. An IPO is being considered for other components. Earlier this year, Alibaba announced that it will restructure the organization and create six separate units.
Alibaba’s cloud segment includes Alibaba Cloud and DingTalk. DingTalk is the intelligent collaboration platform for workplaces and application development. Users can activate multiple AI capabilities.
For the quarter ended March 31, 2023, total cloud revenue was $3.5 billion. The cloud is increasingly being used by the financial services, retail, media and automotive industries.
Alibaba on Thursday reported a 2 percent increase in revenue in the past quarter to a total of 208.20 billion yuan ($30.12 billion). Net profit attributable to common shareholders was 23.52 billion yuan ($3.4 billion), compared to a loss of 16.24 billion yuan a year earlier. Full-year revenue rose 2 percent to 868.69 billion yuan, the slowest growth rate since the company went public in 2014.
The international trade retail companies (Lazada, AliExpress, Trendyol and Daraz) saw their order volume grow by 15 percent. AliExpress launched during the quarter Choice, a selection of great value products with free shipping, free returns and quality guarantees when placing orders.
In Southeast Asia, Lazada recorded double-digit year-over-year order growth during the quarter ended March 31, 2023.
Co-founder Jack Ma recently started teaching in Japan about sustainable agriculture and food production. He does this at Tokyo College, part of the University of Tokyo.
Ma started as a guest lecturer on 1 May, taking up his old profession. The 58-year-old entrepreneur started his career as an English teacher.
Ma clashed hard with the Chinese government in 2020 because he criticized China’s financial system. The IPO of his fintech company Ant Group, a subsidiary of Alibaba, was therefore called off. Ma thus completely disappeared from public life.