Cloud and AI product revenue accelerated in the June quarter, but a 75% drop in net income extended Alibaba's run of profit misses.

Alibaba's U.S. shares dropped 4% in premarket trading Thursday after the Chinese tech giant posted net income that plummeted 75% in the June quarter.The company has been investing…

As businesses increasingly deploy artificial intelligence applications, demand for the cloud computing power needed to train and run those systems has surged, benefiting China's…