Alibaba quarterly revenue rises, profit surges on back of ‘AI-driven strategies’
Alibaba Group Holding's revenue rose 8% in the December quarter, surpassing analysts' estimates, driven by strong growth in its cloud computing services. The Hangzhou-based e-commerce giant reported total revenue of 280.2 billion yuan (US$38.4 billion), exceeding the expected 277.4 billion yuan. Profit surged 239% to 48.9 billion yuan, significantly better than the anticipated 37.7 billion yuan.
The substantial profit increase was attributed to higher income from operations, mark-to-market changes from equity investments, and improved results from equity method investees. CEO Eddie Wu Yongming highlighted the progress in the company's "user first, AI-driven" strategies and the re-accelerated growth of its core businesses. Despite the positive earnings report, Alibaba's Hong Kong-listed shares slid 2.6% after retreating from a three-year high, even after the recent surge in market value following Chinese start-up DeepSeek's AI breakthrough.
via SCMP Full Text Feed
Alibaba Group Holding's revenue rose 8% in the December quarter, surpassing analysts' estimates, driven by strong growth in its cloud computing services. The Hangzhou-based e-commerce giant reported total revenue of 280.2 billion yuan (US$38.4 billion), exceeding the expected 277.4 billion yuan. Profit surged 239% to 48.9 billion yuan, significantly better than the anticipated 37.7 billion yuan.
The substantial profit increase was attributed to higher income from operations, mark-to-market changes from equity investments, and improved results from equity method investees. CEO Eddie Wu Yongming highlighted the progress in the company's "user first, AI-driven" strategies and the re-accelerated growth of its core businesses. Despite the positive earnings report, Alibaba's Hong Kong-listed shares slid 2.6% after retreating from a three-year high, even after the recent surge in market value following Chinese start-up DeepSeek's AI breakthrough.
via SCMP Full Text Feed
