Marking in the offices of the Alibaba Group Holding Ltd. in Beijing, China, Wednesday, March 29, 2023. The Alibaba Review can be used as a restructuring template of China Tech: shock that reaches the goal to carve rural technical titans when unlocking potentially billions of dollars in high value shareholders.
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Chinese e-commerce titan Alibaba On Thursday, he overcame the expectations at the top and lower line in the December quarter, citing constant strength in the cloud intelligence unit.
Alibaba said that net income was achieved by 48.945 billion yuan (USD 6.72 billion) in a quarter ended on December 31, compared to the LSEG forecast at the level of 40.6 billion of yuan.
Revenues amounted to 280.154 billion yuan, compared to the expectations of analysts 279.34 billion yuan.
The company's shares increased by about 50% on the stock exchanges in New York and Hong Kong during the year.
“The results in this quarter have shown significant progress in our strategies” user -based AI “and re -acceleration of the development of our basic companies,” said CEO of Alibaba Eddie Wu in a statement accompanying the results.
“Our increase in the cloud revenues rose to double numbers at 13%, and the revenues from the AI product achieved a three -digit increase in the sixth century quarter. Looking to the future, the increase in revenues in the Cloud Intelligence Group driven by AI will continue to accelerate. “
The company's shares on the US Stock Exchange increased by 4.3% by 05:53 ET, shortly after the results were released.
Technology
Alibaba Cloud Intelligence Group recorded sales increase in a year by 13% to 31.742 billion yuan within three months to the end of December.
The technological activities of the retail giant are carefully observed by investors after Announcement of a partnership of a Chinese company from Apple To introduce artificial intelligence functions for iPhones sold in Chinese.
The market concentration has exacerbated at Chinese technological events after the revolutionary version from the end of January AI of the local Deepseeka startup, which, as the company claims, is more efficient and inexpensive produced than the American suited counterparts in the sector. Alibaba, which for the first time introduced to AI with the introduction of its own product in the style of chatgpt Tongyi qianwen (QWEN) in 2023. At the beginning of this year he introduced a new version of QWEN 2.5 of his technology, which, he claims, exceeds the Deepseek model, According to Reuters.
The general founder of Alibaba, Jack has, who largely stayed away from the public since 2020, was one of the entrepreneurs who He participated in a rare closed meeting On Monday, headed by the Chinese president XI Jinping, during which the Beijing leader called private companies to “show his talents” and strengthen their trust in the “new era” for their activities.
This Breaking News is updated.