Digital Media Losses Bottom Out at China’s Alibaba

Digital media and entertainment continues to be the biggest lossmaker within Chinese tech giant Alibaba. But the group was able to unveil third quarter revenues up by a third and net income up by more than half. For the three months between October and December, Alibaba saw revenue increase by 38% to $23.2 billion, and net income climb by 54% to $7.21 billion. The Chinese giant was able to claim a milestone of RMB10 billion ($10.4 billion) revenue for its cloud computing business, and a much in-demand secondary share listing in Hong Kong. “Alibaba Group experienced robust growth across our business this past quarter,” said Daniel Zhang, chairman and CEO.