Alibaba hits the roof with its huge quarterly profit
Chinese tech giant Alibaba recently announced its quarterly profit and stunned everyone with the digits. According to the officials, the company made the profit of almost $1.55 billion in the first quarter of the year.
According to analysts company made this huge sum due to online purchases through ecommerce giant Alibaba’s portal. The company is investing in different countries which is also the reason the company made this huge profit.
Founder of Alibaba, Jack Ma is keen on expanding its e-commerce business and is trying to engage more people to buy things online.
Alibaba is competing toe to toe with its American competitors eBay and Amazon. According to AFP, Alibaba’s chief financial officer Maggie Wu said, “Our robust results demonstrate the strength of our core businesses, as well as the positive momentum of our emerging businesses, including cloud computing, where we continue to see strong growth”.
Furthermore, the company’s commitment to expand its business to other developed and developing countries are going smoothly as recently Alibaba signed its first MoU in Pakistan.
The MoU was signed by Khurram Dastgir (Minister for Commerce), Michael Evans (President Alibaba Group) and Douglas Feagin (Senior Vice President Global Business of Ant Financial) on behalf of Alibaba.
The parties agreed to use cloud computing services to support small enterprises in Pakistan.
The company also said that the mobile users buying thing online from company’s retail marketplace reached 507 million in March.