Retail GazetteBusiness & Tech• 2 min read

Alibaba profit plunges 75% as AI spending increases

Published 21 August 2026, 8:21am

Alibaba has posted a 75 per cent drop in quarterly profits as it ramped up spending on artificial intelligence infrastructure. The group recorded a nine per cent rise in revenue to 268.95bn yuan (£29.6bn) for the April-to-June quarter, narrowly ahead of analyst expectations of…

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