AIBloomberg1h ago
Alibaba reports Q1 revenue up 9% YoY
Alibaba reports Q1 revenue up 9% YoY to ~$40B, meeting est., and net income down 75% to ~$1.6B due to heavy AI spending and weak domestic retail consumption
TL;DRAlibaba's profits crashed 75% despite steady revenue as AI investments and weak China spending bite.
Why it matters: Shows major tech firms prioritizing AI capex over near-term profits amid slowing consumer demand.
Alibaba Group Holding Ltd.'s profit plunged more than 75% after China's e-commerce leader ratcheted up AI spending while grappling with a broad Chinese consumption slowdown.
Read full articleSource: Bloomberg · Opens in new tab