Alibaba sees its revenue rise to over $32b
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Chinese tech heavyweight Alibaba Group Holding Ltd reported on Thursday night that its revenue stood at 236.45 billion yuan ($32.6 billion) during the January-March period, an increase of 7 percent year-on-year, while its net income reached 29.85 billion yuan, rising 22 percent year-on-year.
For the quarter ending on March 31, revenue from its cloud business rose 18 percent year-on-year to 30.13 billion yuan, with artificial intelligence-related product revenue achieving triple-digit growth for the seventh consecutive quarter.
The company said it will continue to invest in anticipation of customer growth and technology innovation, including AI products and services, to increase cloud adoption for AI and maintain its market leadership.
"Our results this quarter and for the full fiscal year demonstrate the ongoing effectiveness of our 'user first, AI-driven' strategy, with core business growth continuing to accelerate," said Wu Yongming, CEO of Alibaba Group.
Looking ahead, Wu said the company will remain focused on its core businesses and continue to drive AI plus cloud as a new engine for its long-term growth.
Alibaba remain committed to advancing multimodal AI technology and expanding its open-source initiatives. In April, the company launched its latest large language model Qwen3 series, setting a new benchmark for AI innovation.
Revenue from Alibaba's core e-commerce business, which refers to its Taobao and Tmall platforms, rose 9 percent year-on-year to 101.37 billion yuan during this period.
It has increased support of merchants that provide high-quality products and customer services, including support for marketing, new product launches and customer management.