- Alibaba Group Holding Limited (NYSE:BABA) Alibaba Cloud shared plans to double down on its overseas presence, including a $1 billion investment in a “global partner ecosystem upgrade.”
- Alibaba Cloud is now the third-largest public cloud provider.
- It enjoyed a 9.5% market share in 2021, trailing Microsoft Corp (NASDAQ:MSFT) (21%) and Amazon.com Inc (NASDAQ:AMZN) (39%), according to Gartner.
- The $1 billion initiative will likely support partners’ technology innovation and market expansion with Alibaba Cloud in the coming three fiscal years.
- The money will come in financial and non-financial incentives, including funding, rebates, and go-to-market initiatives.
- Cloud infrastructure services spending in mainland China grew 11% in Q2 2022, reaching $7.3 billion and accounting for 12% of global cloud spending.
- Alibaba Cloud remains the market leader in China’s cloud services market. It grew 10% to account for 34% in Q2.
- Alibaba Cloud continued to do well with its overseas expansion plans this quarter, launching four data centers in three countries, namely Germany, Thailand, and Saudi Arabia.
- Alibaba Cloud became the go-to cloud solution for many Chinese businesses expanding overseas.
- However, growing national security tensions between China and the West drove some customers away from its cloud platform, TechCrunch reports.
- ByteDance Ltd’s TikTok reportedly migrated from Alibaba Cloud to Oracle Corp (NYSE:ORCL) servers to win over U.S. regulators affecting Alibaba’s growth trajectory.
- Price Action: BABA shares traded higher by 1.30% at $82.65 in the premarket on the last check Thursday.
- Photo by Fooksou Lamimo via Wikimedia Commons
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