Alibaba Group is trading 4.3% down now at $123.39 after fiscal first-quarter profit plunged 76% to 10.54 billion yuan, overshadowing stronger revenue and cloud growth.
- Capital expenditures surged 75% to 67.68 billion yuan as the company expanded AI infrastructure.
- Free-cash outflow reached 44.67 billion yuan; rising Treasury yields and broader technology weakness added pressure, but the earnings-driven profit decline was the primary catalyst.