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Alibaba to spin-off cloud unit

The company has approved a full spin-off of its Cloud Intelligence Group in the next year via a public listing

By Jenny Priestley

Alibaba has revealed plans to list its cloud business unit in the next year.

According to Reuters, the company has approved a full spin-off of its Cloud Intelligence Group in the next year via a public listing.

The company posted a 2 per cent increase in its quarterly revenue for cloud during Q2 2023, falling short of analyst expectations.

On an earnings call to discuss the company’s Q2 earnings, chairman Daniel Zhang said: “We would love nothing more than to see one of these little Alibabas…becoming another big Alibaba, as big as the group company is right now.”

The cloud business accounts for 9 per cent of the group’s entire revenue, drawing in $2.7 billion in the first three months of 2023.

Beyond infrastructure-as-a-service, Alibaba Cloud’s offerings also include private cloud and artificial intelligence technologies. The company counts Olympic Broadcasting Services among its media clients.

Jenny Priestley

Jenny has worked in the media throughout her career, joining TVBEurope as editor in 2017. She has also been an entertainment reporter, interviewing everyone from Kermit and Miss Piggy to Tom Hanks; and spent almost 20 years appearing on radio, and occasionally TV.

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