In its last financial year, Alibaba saw its turnover and profit reach double-digit growth again. Pushed by new algorithms, conversion rates in China soared - making it the only branch of the company that is already profitable.
Alibaba's total turnover flew 51 % higher to 376.8 billion yuan (49 billion euros). The group's domestic retail activities remain by far the most important source of income, accounting for around two thirds of sales. Alibaba points to improved algorithms for online suggestions on the website, which led to more purchases. As a result, more traders also want to pay for a place on the digital platform.
Cloud services grew by 84 % in the past year: they now account for 7 % of the group's total revenue. The group from Hangzhou is not alone with that: rival Amazon also saw its cloud services grow substantially in the past year.
The group's net profit increased by 31 % to 80.23 billion yuan (10 billion euros), which comes entirely from the core activities of the Chinese web giant. All other services, including the cloud services, are still loss-making at the moment.