Alibaba said it is developing a product to compete with ChatGPT, the artificial intelligence chatbot that has become a hit around the world. Alibaba said its products are currently undergoing internal testing.
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Alibaba Although the Chinese e-commerce giant’s net profit fell sharply, revenue grew in the fiscal fourth quarter ended in March.
Here’s how Alibaba’s performance in the March quarter compared to LSE consensus estimates:
- Revenue: 221.9 billion yuan ($30.7 billion), compared with expectations of 219.66 billion yuan.
Net profit attributable to ordinary shareholders was 3.3 billion yuan, a decrease of 86% from the same period last year.
Alibaba shares fell about 3% in U.S. pre-market trading
In 2023, Alibaba experienced a difficult year as the company carried out the largest corporate structure reform in its history. The company also separately implemented several high-profile management changes, with company veteran Eddie Wu taking over as CEO in September.
The Chinese technology giant said earlier this year that it would increase its stock buyback program by $25 billion by the end of March 2027 to convey confidence to shareholders.
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