Alibaba Group reported a 13% year-on-year sales growth for its Cloud Intelligence unit, driven by the strength of its cloud and AI-driven businesses. The company’s net income reached $6.72 billion, up from $4.33 billion last year, and revenue came in at $280.15 billion.
The retail giant’s tech activities are being closely watched by investors, following its partnership with Apple to roll out AI features for iPhones sold in China. Alibaba has also been investing heavily in AI infrastructure, with plans to exceed its past decade-long investment by three times over the next three years.
Alibaba’s e-commerce business units, Taobao and Tmall Group, posted a 5% annual revenue growth, while International Digital Commerce Group added 32% year-on-year to its revenues. Despite lingering concerns about consumer sentiment in China, the latest data show that retail sales jumped by 3.7% in December.
CEO Eddie Wu attributed the company’s progress to its “user-first, AI-driven” strategies, which have led to the re-accelerated growth of core businesses. The company will continue to invest in cloud and AI infrastructure to drive revenue growth.
Source: https://www.cnbc.com/2025/02/20/alibaba-baba-earnings-q3-2024.html