From CNBC: 2024-05-14 07:21:42

Alibaba is developing an AI chatbot to rival ChatGPT. In its fiscal Q4, revenue beat expectations at 221.9 billion yuan ($30.7 billion), but net income dropped 86% to 3.3 billion yuan. Shares fell 3% pre-market. Despite a tough 2023, Alibaba’s e-commerce business showed signs of recovery with a 4% year-on-year revenue increase in the Taobao and Tmall division, and a 45% increase in international commerce revenue. CEO Eddie Wu emphasized growth strategies and AI innovation to offset profit loss from investments. The cloud computing unit brought in 25.6 billion yuan, experiencing triple-digit AI-related revenue growth in the March quarter.



Read more at CNBC:: Alibaba (BABA) earnings Q4 2024