Alibaba Cloud, China's major cloud infrastructure provider, reported a 60 percent rise in revenue in Q3, compared to the same period last year.
As reported by CNBC, Alibaba Cloud brought in 14.89 billion yuan ($2.24 billion) in the three months that ended on September 30, representing the fastest rate of growth since Q4 2019.
This also means that the Chinese cloud company is growing faster than competitors Amazon Web Services (AWS) and Microsoft Azure. AWS has grown by 29 percent this year, while Azure has recorded a 48 percent growth.
It is also important to stress that Alibaba Cloud is significantly smaller than the two US giants. AWS, for example, earned $11.6 billion in the third quarter of the year, while Azure took in $13 billion.
CEO Daniel Zhang said the greatest growth stemmed from financial services companies and public sector organizations.
“We believe cloud computing is fundamental infrastructure for the digital era, but it is still in the early stage of growth. We are committed to further increasing our investments in cloud computing,” he said.