Posted 2/29/2024, 6:45:00 AM
Alibaba Slashes Cloud Computing Prices by 55% to Boost Lagging Growth Amid Fierce Competition
- Alibaba is rolling out major price cuts up to 55% on over 100 cloud computing products to compete with rivals like Tencent
- Cuts aim to revive Alibaba's cloud business growth after struggles over past year amid competition and economic woes
- Follows calling off a planned IPO for Alibaba's cloud unit Aliyun, will focus on growing public cloud for enterprises
- Previous round of cloud price cuts in 2022 had limited success in boosting cloud revenue
- Strategy tries to attract more long-term business customers with discounts up to 5 years, but uncertain if it will reignite growth