reuters.com

Alibaba profit falls 75% as it ramps up AI infrastructure spending

Alibaba logoAlibaba
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Alibaba reported 9% higher revenue for April–June, driven by strong AI demand in its cloud business. AI cloud and compute services revenue rose 45% to 48.44 billion yuan in the June quarter, helped by a model-as-a-service offering topping 16 billion yuan in annual recurring revenue. The company will keep investing in frontier AI despite weak current monetization amid competition.

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