Alibaba Group Holding Ltd, China's largest online platform, presented its earnings report on Wednesday, which surpassed analysts' expectations in the 4th quarter, helped by the growth of its core businesses, such as e-commerce and cloud computing branch.
The company operating in the field of Internet commerce Alibaba makes money, mainly due to the provision of advertising space and promotion services to other of its trading platforms, such as Taobao and Tmall.
Alibaba Group's profit rose to 93.50 billion yuan or 13.59 billion dollars in the three financial months ended March 31, surpassing market expectations of 91.58 billion yuan, according to IBES data from Refinitiv. It is also worth noting that the income from the company's cloud technology business grew by 76 percent over the same reporting period.
Alibaba is the world's third-largest cloud service provider after Microsoft Corp and Amazon.com Inc. and occupies 40 percent of the Chinese market.
Company’s shares grew on premarket by 0,61 percent to $176.50 on Wednesday on NYSE.