Alibaba's profit plunges by 75% – billions for AI weigh on the balance sheet!
Reading Time: 3 minutes
Alibaba increases revenue by 9% in the June quarter, but net profit plummets by three-quarters. The reason is massive investment in AI and cloud business – the stock declines in pre-market trading. Profit plunge despite revenue growth For the recently concluded quarter, Alibaba reports revenue of 268.953 billion Yuan (39.639 billion USD), reflecting a 9% increase that is in line with expectations. At the same time, net profit collapses by more than 75% to 10.444 billion Yuan (1.6 billion USD) – a downside of the high expenditures for AI projects...
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