China’s technology giant Alibaba on Thursday reported a 75% drop in profit for the latest quarter as it invested big in artificial intelligence infrastructure, even as revenue coming from its AI-related services gained 45%.
The Hong Kong- and U.S.-listed company, which started out in e-commerce and online retail but is increasingly focused on AI technologies, said that its profit for April-June was at 10.5 billion yuan ($1.6 billion), down from 43.1 billion yuan ($6.4 billion) the same quarter last year.
