The logo of Alibaba at the World Artificial Intelligence Conference (WAIC) in Shanghai on July 6, 2023. (Photo by WANG Zhao / AFP)
Chinese tech behemoth Alibaba posted an 18 percent drop in net profit during its most recent fiscal year on Wednesday, weighed by challenges in the domestic economy and an expensive push into artificial intelligence.
The Hangzhou-based firm recorded a net profit of 105.9 billion yuan ($15.6 billion) in the year ended March 31, a statement at the Hong Kong Stock Exchange said, down from 129.5 billion in the previous period.
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