economy
Alibaba quarterly profit drops 75% as AI investment spending grows
HONG KONG — China’s technology giant Alibaba on Thursday reported a 75% drop in profit for the latest quarter as it invested big in artificial intelligence infrastructure, even as revenue coming from its AI-related services gained 45%.
TL;DR
- Alibaba reported a 75% drop in profit for the latest quarter.
- Revenue from AI-related services increased by 45%.
- The profit decrease is attributed to significant investment in AI infrastructure.