UPDATE 1-Alibaba to invest $28 bln in cloud services after coronavirus boosted demand [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
Alibaba to invest $28 billion in cloud services after coronavirus boosted demand SHANGHAI (Reuters) - Alibaba Group Holding Ltd ( BABA.N ) said it will invest 200 billion yuan ($28 billion) in its cloud infrastructure over three years - a plan that follows a boom in demand for business software as the coronavirus outbreak peaked in China. The company said in a statement it will spend the funds on semiconductor and operating system development as well as building out its data centre infrastructure. While most of China’s white collar employees were working from home throughout February, the country’s dominant cloud player saw usage surge for its software, most notably DingTalk, a workplace chat app used by both businesses and schools. At one point, users complained of lags on the app due to the high volume of activity. The company acknowledged the issues on Weibo, the Chinese social networking site. Alibaba Cloud Intelligence president Jeff Zhang said in the statement that the COVID-1
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BABA
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BABA
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- BABA's page on the SEC website