Alibaba reports Q1 revenue up 9% YoY to ~$40B, meeting est., and net income down 75% to ~$1.6B due to heavy AI spending and weak domestic retail consumption (Luz Ding/Bloomberg)

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Luz Ding / Bloomberg:
Alibaba reports Q1 revenue up 9% YoY to ~$40B, meeting est., and net income down 75% to ~$1.6B due to heavy AI spending and weak domestic retail consumption — Alibaba Group Holding Ltd.'s profit plunged more than 75% after China's e-commerce leader ratcheted up AI spending while grappling with a broad Chinese consumption slowdown.

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