Alibaba To Invest $1 Billion To Support Its Cloud Computing Customers To Reignite Growth

Alibaba, the Chinese e-commerce giant, said it will invest $1 billion over the next three fiscal years to support its cloud computing customers as it attempts to reignite growth after a long-term decline.

According to a news release issued by Alibaba on Thursday, the investment consists of “financial and non-financial incentives, such as cash, rebates, and go-to-market strategies.”

The business announced that it is also putting together a program to assist its clients in tailoring their cloud computing needs to the regional market.

After Amazon and Microsoft, Alibaba is the third-largest cloud computing company in the world, according to Gartner. Although cloud computing is a small part of Alibaba’s overall business, the management of the company views it as a vital part of future growth and profitability.

However, because of the resurgence of Covid in the second-largest economy in the world and a harsher domestic regulatory environment, Alibaba has experienced an extraordinary slowdown in growth during the Chinese economic downturn. Alibaba announced its first flat revenue growth in recorded history for the April to June quarter. Its cloud computing division’s revenue growth also decreased from the prior quarter.

The corporation with headquarters in Hangzhou, China, Alibaba has announced an investment as part of a larger effort to take its cloud computing operations global. Alibaba has established new data centers outside of China in recent years in an effort to attract clients in places like Singapore and Thailand.

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