Alibaba Group reported first-quarter revenue of 268.95 billion yuan (~$40 billion), a 9% year-over-year increase. These results met analyst estimates.
Cloud division revenue surged 45% due to strong demand for AI services. The extended 618 shopping festival also supported core e-commerce growth.
Net profit fell 76% to 10.54 billion yuan (~$1.57 billion). Capital expenditures jumped 75% as the company invests in AI infrastructure. A backdrop of weak domestic consumption also impacted profitability.