Alibaba, a Chinese tech giant, saw its profit drop by 67% in the latest fiscal quarter. The company’s food delivery arm took a hit from intense competition, causing a red down pointing triangle on profits. However, investors are paying close attention to Alibaba’s plans for artificial intelligence (AI) as it seeks new growth opportunities. Despite this, revenue grew about 2%.
Source: https://www.wsj.com/business/earnings/alibabas-profit-disappoints-but-ai-outlook-bright-6440b685