Free daily briefing on global business news.
Net income fell to 10.54 billion yuan in the June quarter, while cloud revenue grew 45% on surging AI demand
SOPA Images / Getty Images
Alibaba Group reported Thursday that net income dropped 76% to 10.54 billion yuan ($1.55 billion) in its fiscal first quarter, as the company poured money into artificial intelligence infrastructure and model development.
Revenue for the quarter ended June 30 rose 9% year-over-year to 268.95 billion yuan ($39.64 billion). Non-GAAP net income, which strips out share-based compensation, investment gains and losses, and certain other items, fell 38% to 20.72 billion yuan ($3.05 billion). Adjusted EBITA declined 30% to 27.33 billion yuan ($4.03 billion), the company said.
