Tech giant Alibaba saw increased revenue in its most recent quarter, boosted by the global AI frenzy driving demand for its products.
In results posted to the Hong Kong Stock Exchange, the company’s revenue in the quarter, which ended June 30, was nearly 269 billion yuan, up nine percent year-on-year.
The Hangzhou-based firm has been ploughing tens of billions of dollars into AI, with its shareholders eager to see how it will monetise the huge investments.
But net profit fell 76 percent year-on-year to 10.5 billion yuan.
In a statement, CEO Eddie Wu described a “strong quarter”, driven by “improving commercialization of our full-stack AI capabilities”.
The firm is known for its open-source “Qwen” AI models, which have gained popularity with developers worldwide. (AFP)
