Alibaba cloud revenue jumps 34% on Qwen demand despite profit slump

Alibaba reported 34% growth in its cloud unit for the September quarter, dragging total revenue up 5% to 247.8 billion yuan ($35 billion) despite a steep drop in profit to 20.99 billion yuan, according to the earnings report. The spike in cloud came from its Qwen platform, which the company has shoved to the front of its AI campaign. But earnings took a hit as Alibaba dumped money into consumer discounts, new data centers, and AI development. The company’s e-commerce sales inside China rose 16%, showing it’s still in the fight against JD.com and Meituan. That division helped stabilize the overall numbers, even though the marketing bill more than doubled. Investors responded early, as Alibaba’s US-listed shares jumped over 2% in pre-market trading. Eddie Wu dismisses AI bubble fears, ramps up investments Eddie Wu, the CEO, told analysts on Tuesday that the company isn’t sweating over warnings of over-investment. “Looking...

https://www.cryptopolitan.com/alibaba-ai-cloud-growth-hits-34/