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Alibaba's cloud business revenue soars 34% driven by AI boom [Globe and Mail, The (Toronto, Canada)]

JD.com, Inc. - American Depositary Shares (JD)  More Company Research Source: Globe and Mail, The
Last jd.com, inc. - american depositary shares earnings: 3/2 05:03 am Check Earnings Report
US:NASDAQ Investor Relations: ir.jd.com
But overall revenue at the Chinese tech group for the July-September quarter increased by just 5% year-on-year to 247.8 billion yuan ($35 billion), and profit fell 52% from last year, as a fierce price war in China's e-commerce landscape -- including in the food delivery segment -- eroded into short-term profitability. JD.com, its e-commerce rival, reported a 55% net profit drop in the same quarter. Alibaba started out in e-commerce and later turned its focus to cloud and AI technologies. Earlier this year, it pledged to invest at least 380 billion yuan ($53 billion) in three years in advancing its cloud computing and AI infrastructure. CEO Eddie Wu said in prepared remarks Tuesday that the group's “significant” investments in AI had helped its revenue growth. The 34% cloud revenue growth was faster than the 26% increase in the April-June quarter. The company added that demand for AI was “accelerating” and its “conviction in future AI demand growth is strong.” It also will prob [Read more]
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Stockreport

Alibaba's cloud business revenue soars 34% driven by AI boom [Globe and Mail, The (Toronto, Canada)]

JD.com, Inc. - American Depositary Shares  (JD) 
More Company Research Source: Globe and Mail, The
Last jd.com, inc. - american depositary shares earnings: 3/2 05:03 am Check Earnings Report
US:NASDAQ Investor Relations: ir.jd.com
But overall revenue at the Chinese tech group for the July-September quarter increased by just 5% year-on-year to 247.8 billion yuan ($35 billion), and profit fell 52% from last year, as a fierce price war in China's e-commerce landscape -- including in the food delivery segment -- eroded into short-term profitability. JD.com, its e-commerce rival, reported a 55% net profit drop in the same quarter. Alibaba started out in e-commerce and later turned its focus to cloud and AI technologies. Earlier this year, it pledged to invest at least 380 billion yuan ($53 billion) in three years in advancing its cloud computing and AI infrastructure. CEO Eddie Wu said in prepared remarks Tuesday that the group's “significant” investments in AI had helped its revenue growth. The 34% cloud revenue growth was faster than the 26% increase in the April-June quarter. The company added that demand for AI was “accelerating” and its “conviction in future AI demand growth is strong.” It also will prob [Read more]
IMPACT SNAPSHOT
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JD
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%
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