Alibaba to invest $28 billion in cloud services, a plan that follows a boom in demand for business software as the coronavirus outbreak peaked in China via horwitzjosh
FILE PHOTO: A logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China, November 18, 2019. REUTERS/Aly Song/File Photo
The company said in a statement it will spend the funds on semiconductor and operating system development as well as building out its data centre infrastructure. At one point, users complained of lags on the app due to the high volume of activity. The company acknowledged the issues on Weibo, the Chinese social networking site.
Alibaba’s cloud division is one of its fastest growing businesses. Fourth-quarter revenue climbed 62% to 10.7 billion yuan, the first time it has topped 10 billion yuan in a single quarter.
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