Alibaba Cloud's First Ever Quarterly Revenue Decline

Alibaba Cloud is the leading cloud service provider on the Chinese mainland, taking up a 34% market share in the first quarter of 2023. Its spin-off will be done via distributing stock to shareholders over the next year meaning Alibaba could eventually fully relinquish control over the business. But despite its position, the business has been struggling following the pandemic,. posting a 2% year on year drop in revenue for the first quarter to 18.6 billion yuan. First ever year-on-year quarterly decline since Alibaba's US IPO in 2014.