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Alibaba's core profit plunges 84% even as AI and cloud growth accelerate

Alibaba reported adjusted EBITA of 5.1 billion yuan for the March quarter, down 84% year-on-year, due to heavy investments in technology and e-commerce. Cloud revenue grew 38%, driven by AI demand, with AI-related revenue hitting triple-digit growth for the 11th consecutive quarter.

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Alibaba's core profit plunges 84% even as AI and cloud growth accelerate
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Key points

  • Adjusted EBITA fell 84% to 5.1 billion yuan ($750.9 million)
  • Cloud revenue rose 38% to 41.6 billion yuan, AI revenue reached 9 billion yuan
  • Quick commerce revenue surged 57%, but weighed on profitability
  • U.S.-listed shares initially rose then fell, down about 1.3%

Highlights and analysis are generated automatically and may contain errors. Check the original source.

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