China’s Alibaba sees revenue surge on back of artificial intelligence, e-commerce
1 month ago

China’s Alibaba sees revenue surge on back of artificial intelligence, e-commerce

Associated Press  

HONG KONG — Chinese e-commerce firm Alibaba Group Holding posted its fastest revenue growth in more than a year, beating analyst expectations as it capitalizes on the artificial intelligence boom in China. In an earnings call, Alibaba CEO Eddie Wu said that Alibaba plans to “aggressively invest” in artificial intelligence and cloud computing infrastructure in the coming three years, with upcoming spending expected to exceed what the firm has already invested over the past decade. Alibaba has already implemented AI technology into its cloud products, with its cloud business unit generating 13% revenue growth compared to the same time last year – the fastest pace in about two years. Its international commerce unit, which includes platforms such as AliExpress and Lazada, saw revenue growth of 32% driven by “strong performance of cross-border businesses.” Alibaba was one of several prominent Chinese technology companies which suffered the brunt of a regulatory crackdown on the technology industry in 2020, when authorities scuppered the initial public offering of its financial affiliate Ant Group.

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