As Jack Ma eyes an exit, Alibaba beats forecasts2019|01:05
He won't be at the helm much longer, but Jack Ma's company beat expectations in its first quarter. Alibaba was aided by growth in its e-commerce and cloud computing units. That saw revenue jump 42 percent to over 16 billion dollars. Slowing growth at home is now its big challenge though. The online retail market is seen as saturated in China's big cities. Like smaller rival JD.com, that's driven Alibaba to look to smaller towns and overseas markets. It's tied up with Starbucks to deliver coffee, among other ventures. As e-commerce growth slows, it's also expanding in cloud computing and digital entertainment. Big management changes are in the offing too. Chief executive Daniel Zhang is set to take over from Ma as chairman in September. The company's charismatic founder says he wants to focus on philanthropy and education. Alibaba's U.S.-traded shares rose three percent in the moments after Thursday's (August 15) results.