Alibaba Cloud said revenue grew 4 percent to RMB20,757 million or $2,918 million in the quarter ended September 30, 2022 mainly driven by public cloud growth, offset by declining hybrid cloud revenue.
Alibaba Cloud’s revenue from non-Internet industries grew 28 percent and contributed 58 percent of overall Cloud revenue. Revenue growth of the non-Internet industries was driven by financial services, telecommunication and public services industries.
Alibaba Cloud said revenue from customers in the Internet industry fell 18 percent due to declining revenue from the top Internet customer that has stopped using overseas cloud services for its international business due to non-product related requirements and online education customers, as well as by softening demand from other customers in China’s Internet industry.
Currently, Alibaba Cloud has more than 20 serverless products and continues to enable more product categories to become serverless.