Alibaba is expecting its cloud business to yield profit in the current fiscal year. The company is now reworking the cloud arm for growth.

Posted on Sep 30 2020 - 2:36pm by Newsfeed
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(Source:Coinspeaker)

Alibaba Group Holding Ltd (NYSE: BABA) expects its cloud business to yield profit in a few months. Specifically, the company expects profit for the first time in the current fiscal year, which began in April.

On the 30th of September, Alibaba chief financial officer Maggie Wu Wei revealed expectations for profits in the company’s cloud business. While speaking at the company’s webinar for investors, Wu said the gain should come in before the end of the current fiscal year in March 2021.

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