Alibaba posted fiscal first-quarter revenue of 268.95 billion yuan ($40 billion), up 9% year-over-year, marking its fastest quarterly growth rate in roughly three years. Alibaba Cloud’s external revenue grew 45%, with AI-related product revenue reaching 12.38 billion yuan ($1.82 billion) for its 12th consecutive quarter of triple-digit growth. Net income plummeted 75% to 10.44 billion yuan as capital expenditure surged 75% to 67.7 billion yuan ($10 billion), resulting in a free cash flow outflow of $6.6 billion. Alibaba shares listed in the U.S. fell approximately 3.5% on Wall Street.
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