Alibaba's AI Push Boosts Revenue, Despite Profit Drop

Alibabas Q3 results showcase robust growth, with cloud business surging by 34% and overall revenue climbing 5% to $35 billion. Investors are optimistic about Alibabas AI push, particularly the successful launch of its revamped Qwen app, which attracted 10 million users in four days. However, heavy discounting and AI development costs have impacted profitability, with net income dropping to $2.9 billion.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.