Alibaba Cloud hits annual revenue run rate tops $4.4 billion

Alibaba’s cloud computing revenue in its fiscal fourth quarter was $1.15 billion, up 76 percent from a year ago, as customers spent more on new services.

The results from the company highlight how it is gaining share in Asia. Alibaba said its cloud user it has more than half the A-share listed companies in China as customer.

Alibaba cloud

For fiscal 2019, Alibaba Cloud delivered revenue of $3.68 billion, up 84 percent from a year ago. Cloud computing represents 7% of Alibaba’s total revenue. Alibaba is the top cloud provider in Asia, but globally competes with the likes of Amazon Web Services, Google Cloud and Microsoft Azure. Alibaba is also forging a series of partnerships with enterprise software players.

However, Alibaba’s cloud division still loses money. Adjusted EBITA for fiscal 2019 was $172 million.

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