Alibaba's Revenue Jumps 9% as AI Cloud Growth Hits 45%—But a Profit Plunge Sends Shares Lower
Alibaba's cloud and AI product revenue accelerated in the June quarter, with overall revenue up 9% and AI cloud growth reaching 45%. However, net income dropped 75%, extending the company's run of profit misses to a fifth straight quarter. The profit plunge sent Alibaba's shares lower.
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