Alibaba AI revenue grows triple digits for 11th quarter, first disclosure

Alibaba Group Holding disclosed AI-related product revenue for the first time on Wednesday, reporting 8.97 billion yuan ($1.32 billion) for the quarter ended March 31, with triple-digit growth for the 11th consecutive quarter. Total revenue reached 243.4 billion yuan ($35.3 billion), a 3% increase slightly below the Bloomberg consensus estimate of 246.5 billion yuan. The cloud-computing unit posted 38% year-on-year revenue growth to 41.6 billion yuan, its sixth consecutive quarter of double-digit growth. CEO Eddie Wu Yongming said full-stack AI investments have progressed from incubation to commercialization at scale, with Cloud Intelligence Group's external revenue growth accelerating to 40%, of which AI-related products accounted for 30%. CFO Toby Xu expressed confidence in the business outlook and commitment to investing in AI plus cloud. The Hangzhou-based tech giant is pivoting toward a 'token economy' to fuel growth.