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 (Luz Ding/Bloomberg)
Luz Ding / Bloomberg : 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 Alibaba Group Holdin
At a glance
- techmeme.com: 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 (Luz Ding/Bloomberg)
- cnbc.com: Alibaba shares fall 3% as AI spending drives 75% drop in net income
The story
techmeme.com: Luz Ding / Bloomberg : 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 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.
cnbc.com: Alibaba shares fall 3% as AI spending drives 75% drop in net income CNBC