Alibabas cloud business revenue soars 34% driven by AI boom

Share via:


HONG KONG (AP) — China’s Alibaba Group posted a 34% jump in revenue from its cloud business in its most recent quarter, buoyed by the boom in artificial intelligence.

But overall revenue at the Chinese tech group for the July-September quarter increased by just 5% year-on-year to 247.8 billion yuan ($35 billion), and profit fell 52% from last year, as a fierce price war in China’s e-commerce landscape — including in the food delivery segment — eroded into short-term profitability. JD.com, its e-commerce rival, reported a 55% net profit drop in…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Alibabas cloud business revenue soars 34% driven by AI boom


HONG KONG (AP) — China’s Alibaba Group posted a 34% jump in revenue from its cloud business in its most recent quarter, buoyed by the boom in artificial intelligence.

But overall revenue at the Chinese tech group for the July-September quarter increased by just 5% year-on-year to 247.8 billion yuan ($35 billion), and profit fell 52% from last year, as a fierce price war in China’s e-commerce landscape — including in the food delivery segment — eroded into short-term profitability. JD.com, its e-commerce rival, reported a 55% net profit drop in…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Nvidia’s Blackwell gaming GPUs go through blower-style transformation to...

Blower-style GPUs have mostly exited the mainstream due to...

How to watch NFL Wildcard Round 2025/26: FREE live...

One of the most head-scratching, unpredictable NFL campaigns in...

Popular

iptv iptv iptv