News

Alibaba hits the roof with its huge quarterly profit

Chinese tech giant Alibaba recently announced its quarterly profit and stunned everyone with the digits. According to the officials, the company made the profit of almost $1.55 billion in the first quarter of the year.

According to analysts company made this huge sum due to online purchases through ecommerce giant Alibaba’s portal. The company is investing in different countries which is also the reason the company made this huge profit.

Founder of Alibaba, Jack Ma is keen on expanding its e-commerce business and is trying to engage more people to buy things online.

Alibaba is competing toe to toe with its American competitors eBay and Amazon. According to AFP, Alibaba’s chief financial officer Maggie Wu said, “Our robust results demonstrate the strength of our core businesses, as well as the positive momentum of our emerging businesses, including cloud computing, where we continue to see strong growth”.

Furthermore, the company’s commitment to expand its business to other developed and developing countries are going smoothly as recently Alibaba signed its first MoU in Pakistan.

The MoU was signed by Khurram Dastgir (Minister for Commerce), Michael Evans (President Alibaba Group) and Douglas Feagin (Senior Vice President Global Business of Ant Financial) on behalf of Alibaba.

The parties agreed to use cloud computing services to support small enterprises in Pakistan.

The company also said that the mobile users buying thing online from company’s retail marketplace reached 507 million in March.

Sponsored
Ali Leghari

Leave a Comment
Share
Published by
Ali Leghari
Tags: e-commerce

Recent Posts

Farrukh Sabzwari Appointed as CEO of PSX, Set to Serve for Three Years

Farrukh H. Sabzwari has been appointed Chief Executive Officer (CEO) of Pakistan Stock Exchange Company…

8 mins ago

250 Government Schools to Be Run by Private Sector

RAWALPINDI: The chairman of the Punjab Education Foundation, Malik Shoaib Awan, stated on Monday that…

1 hour ago

Pakistan Launches First National Sex Offenders Register to Combat Sexual Violence

Pakistan has taken a significant step towards addressing sexual violence and abuse with the introduction…

1 hour ago

SBP Chief Reports October Remittances Exceed $3 Billion

KARACHI: The State Bank of Pakistan (SBP) is anticipating $500 million from the Asian Development…

2 hours ago

Sindh Assembly Reveals 28,500 Govt Employees’ Spouses as Illegal BISP Beneficiaries

The Sindh Assembly was informed that over 28,500 employees of the provincial government were unlawfully…

3 hours ago

SBP Eases Policy Rate by 2.5% as Inflation Shows Steady Decline

The Monetary Policy Committee (MPC) of the State Bank of Pakistan decided to cut the…

3 hours ago