Alibaba's Earnings Plunge by 75% – Billions for AI Weigh on the Balance Sheet!
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Alibaba increases revenue by 9% in the June quarter, but net earnings plummeted by three-quarters. The reason is massive investment in AI and cloud business – the stock declines in pre-market trading. Earnings plunge despite revenue growth For the recently concluded quarter, Alibaba reports revenue of CNY 268.953 billion ($39.639 billion), reflecting a 9% increase that is in line with expectations. At the same time, net earnings collapsed by more than 75% to CNY 10.444 billion ($1.6 billion) – a downside of the high expenditures for AI...
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