Alibaba Reports 75% Increase in Capital Expenditure Amid 76% Drop in Quarterly Profit
- Published
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- TechNode.com
Alibaba announced a revenue of RMB268.95 billion for the quarter ending June 30, reflecting a 9% year-on-year increase. However, the net income attributable to ordinary shareholders plummeted by 76% to RMB10.54 billion. The significant rise in capital expenditure, which surged 75% to RMB67.68 billion, was primarily driven by increased investments in AI infrastructure.
The company's focus on AI is evident as revenue from its AI cloud and computing services reached RMB48.44 billion, marking a 45% increase. Additionally, AI-related product revenue continued its impressive growth, reaching RMB12.38 billion and maintaining a triple-digit growth rate for the twelfth consecutive quarter. This strategic push into AI comes alongside a reorganization of Alibaba's e-commerce, cloud-computing, and AI-model businesses into new operating groups.
Looking ahead, Alibaba's substantial investment in AI infrastructure indicates a commitment to enhancing its technological capabilities. As the company navigates challenges in profitability, stakeholders will be keen to observe how these investments translate into future growth and operational efficiency. No further timeline was disclosed at the time of publication.
Original report
Alibaba’s AI spending lifts capex 75% as quarterly profit falls 76%
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