AI
Alibaba misses revenue estimates, but AI boosts cloud business
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China’s Alibaba said on Friday artificial intelligence was key to expanding its cloud computing business, as it reported strong quarterly growth in the sector despite its wider operations missing revenue estimates.
US-listed shares in the company were up 8% at the market open.
Revenue in Alibaba’s cloud segment surged 26% to 33.40 billion yuan ($4.67 billion), easily beating an expected 18.4% rise. However, that was eclipsed by weaker than expected growth in its e-commerce business, leaving overall revenue lagging estimates by 2%.
Alibaba has been among…
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