Alibaba reports Q1 revenue up 9% YoY to ~$40B, meeting est., and net income down 75% to ~$1.6B due to heavy AI spending and weak domestic retail consumption (Luz Ding/Bloomberg)

Techmeme — Aug 20, 10:20 AM

https://www.techmeme.com/260820/p11#a260820p11" title="Techmeme permalink">http://www.techmeme.com/img/pml.png" style="border: none; padding: 0; margin: 0;" width="11" /> Luz Ding / https://www.bloomberg.com/">Bloomberg:

https://www.bloomberg.com/news/articles/2026-08-20/alibaba-s-revenue-climbs-9-in-testament-to-china-s-ai-boom">Alibaba reports Q1 revenue up 9% YoY to ~$40B, meeting est., and net income down 75% to ~$1.6B due to heavy AI spending and weak domestic retail consumption — Alibaba Group Holding Ltd.'s profit plunged more than 75% after China's e-commerce leader ratcheted up AI spending while grappling with a broad Chinese consumption slowdown.