Alibaba cloud division to be profitable within FY2021: CFO

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HONG KONG (Reuters) - Chinese tech giant Alibaba's <BABA.N> cloud unit expects to be profitable within 2021, a senior executive said on Wednesday.
Maggie Wu, chief financial officer of Alibaba, made the remarks at an livestreamed investor day event.
The company, a dominant player in China's cloud market, is fending off challenge from domestic rival Tencent <0700.HK> which is also trying to capture cloud business opportunities.
Alibaba has said it would invest 200 billion yuan ($29.36 billion) in its cloud infrastructure over three years.
In the June quarter, Alibaba's cloud computing revenue grew 59% from a year earlier to 12,345 million yuan on higher revenue contribution from its public cloud and hybrid cloud businesses.
Cainiao, Alibaba's logistics unit, will likely ...


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