Alibaba Group Holding Ltd. reported fourth-quarter revenue of 243.4 billion yuan ($35.8 billion).
This 3% year-over-year increase missed the average analyst estimate of 246.5 billion yuan.
Net income nearly doubled to 25.5 billion yuan, driven largely by gains from equity investments.
CEO Eddie Wu highlighted technological breakthroughs in AI models, cloud infrastructure, and applications.
Heavy spending on these initiatives pressured profit margins and failed to generate broader revenue growth.