Alibaba said it is working on a rival to ChatGPT, the artificial intelligence chatbot that has caused excitement across the world. Alibaba said its own product is currently undergoing internal testing.
Kuang Da | Visual China Group | Getty Images
Alibaba posted a beat on revenue in its fiscal fourth quarter ended March, even as the Chinese e-commerce giant’s net profit plunged sharply.
Here’s how Alibaba did in the March quarter versus LSEG consensus estimates:
- Revenue: 221.9 billion Chinese yuan ($30.7 billion) versus 219.66 billion yuan expected.
Net income attributable to ordinary shareholders came in at 3.3 billion yuan, down 86% year-on-year.
Shares of Alibaba were around 3% lower in pre-market trade in the U.S.
Alibaba had a rocky year in 2023, when it carried out its largest-ever corporate structure overhaul. It also separately implemented several high-profile management changes, with company veteran Eddie Wu taking over the reins as chief executive in September.
The Chinese tech giant said earlier this year that it increased its share buyback program by $25 billion through the end of March 2027, in a bid to signal confidence to shareholders.
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