“Alibaba’s Core Profit Drops 84% Despite Accelerating AI and Cloud Growth”

Alibaba reported a significant decline in core profitability for the March quarter due to heavy investments in tech and e-commerce.

Its adjusted EBITA dropped 84% year-on year to 5.1 billion yuan ($750.9 million).

Initially, U.S. listed shares rose in premarket trading but later fell as much as 4%, currently down around 1.3%.

Source (CNBC)