Alibaba Reports 9% Rise in Quarterly Revenue on AI Surge
· Technology · Economic Times, Reuters
Chinese technology giant Alibaba reported a 9 percent increase in quarterly revenue, driven by strong demand for artificial intelligence services and its cloud computing business. The company's AI cloud and compute services revenue rose 45 percent to 48.44 billion yuan in the quarter ended June 30. Total quarterly revenue reached 268.95 billion yuan, slightly above analysts' average estimate of 268.88 billion yuan compiled by LSEG. Capital expenditures surged 75 percent to 67.68 billion yuan as Alibaba ramped up investments in AI infrastructure. An extended 618 shopping festival also provided a boost to the company's core e-commerce unit.
Why it matters
The surge in spending and revenue reflects how enterprise adoption of artificial intelligence is translating into massive capital expenditure and top-line growth for major cloud providers.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.