Alibaba reports 34% in quarterly revenue as cloud computing and e-commerce businesses

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Alibaba reports 34% in quarterly revenue as cloud computing and e-commerce businesses

- Chinese - Alibaba Group Holding Ltd reported a 34% increase in quarterly revenue on Tuesday, helped by growth in its cloud computing and e-commerce businesses.

The e-commerce giant, Ant Group, the digital subsidiary of Alibaba Group, recorded a quarterly profit of about 13.48 billion yuan for the quarter ended March, according to the Chinese e-commerce titan's filing.

Alibaba, which holds about a third of Ant, posted a profit of 4.49 billion yuan for the quarter ended June 30, from its investments in the Financial conglomerate.

Alibaba revenue rose to 205.74 billion yuan in the first quarter, from 153.75 billion yuan a year earlier.