Alibaba’s quarterly revenue grows 7% as AI-driven cloud business remains buoyant

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Alibaba’s quarterly revenue grows 7% as AI-driven cloud business remains buoyant - SCMP

Quick Summary:

Alibaba’s cloud revenue growth accelerated to 18 per cent, showcasing the results of its AI-driven strategy.

The logo of Qwen, Alibaba’s family of large language models, is displayed on a smartphone screen.“Our results this quarter and for the full fiscal year demonstrate the ongoing effectiveness of our ‘user first, AI-driven’ strategy, with core business growth continuing to accelerate,” said Alibaba CEO Eddie Wu Yongming.“Looking ahead, we will remain focused on our core businesses and continue to drive AI and Cloud as a new engine for our long-term growth.

That marked the 11th consecutive quarter of revenue growth for the company.