Alibaba Group It saw growth in the cloud and e-commerce sectors during the quarter ended December 31, it said on Thursday (March 19). Earnings release.
Overall, the company saw year-over-year revenue growth of 2%. When revenue from two companies sold by Alibaba (Sun Art and Intime) is excluded, that number rises to 9%, according to the statement.
The company’s Cloud Intelligence Group, which includes what its business calls “AI + Cloud,” saw its revenue increase 36% year over year, according to a report. Presentation Released Thursday.
This business unit’s revenue growth was primarily driven by its public cloud offerings, which in turn was driven by the adoption of AI-related products. Alibaba has seen 10 consecutive quarters of triple-digit year-over-year growth in revenue related to AI products, according to the presentation.
It was reported on Wednesday (March 18) that Alibaba is working to increase its number Amnesty International And computerize storage prices by up to 34%, joining many of its contemporaries in hoping to make the most of huge demand after major technology investments.
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“Cloud and software budgets for enterprise IT services traditionally represent only about 5% of company revenue,” Alibaba Group CEO Eddie Wu He said during the day Thursday Earnings call. “As model-driven agents begin to handle mainstream business tasks across industries, our total addressable market will expand by multiples.”
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Alibaba’s e-commerce businesses, which it calls “consumer businesses,” saw single-digit growth. Alibaba Group’s Chinese e-commerce revenue rose 6% year-on-year, while Alibaba Group’s international digital commerce revenue rose 4%, according to the presentation.
Within Chinese e-commerce group Alibaba, express commerce revenue increased by 56%, which the company attributed to the offering Taobao instant trade In April. Taobao Instant Commerce is an on-demand delivery platform offering food, beverages, daily necessities, electronics and apparel, according to the company’s website.
Alibaba integrated Taobao Instant Commerce with consumer-facing AI app Qwen App in January, adding agent And payment capabilities. In the presentation, the company said that the move will expand the scope of the on-demand delivery platform.
“This quarter, our express business expanded further with continued share growth, high customer retention and sequential improvement in both unit economics and average order value,” Wu said during the call. “At the same time, express commerce and e-commerce have shown obvious synergy, driving Taobao’s monthly active consumers to achieve double-digit growth year on year.”
The company’s All Others segment recorded a year-over-year revenue decline of 25%. In its presentation, Alibaba attributed the sector’s decline primarily to the sale of Sun Art and Intime.
