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00:02Alibaba said Wednesday that core profitability plunged in the March quarter as the company
00:08increased spending on technology and e-commerce investments, according to CNBC.
00:13Adjusted EBITDA fell 84% year-over-year to 5.1 billion Chinese yuan, $750.9 million,
00:22an 84% year-on-year drop. The Chinese tech giant has increased investment in AI semiconductors,
00:29data centers, and its Quen models, supporting growth in its cloud computing business.
00:34Alibaba's cloud business has benefited from AI demand in China.
00:38While investors remain concerned about the company's spending on rapid delivery e-commerce services,
00:44Alibaba said quick commerce revenue rose 57% year-over-year,
00:48while overall China e-commerce revenue increased 6% in the March quarter.
00:52U.S.-listed shares reversed pre-market gains and fell as much as 4% before trimming losses to about 1
00:58.3%.
00:59For all things money, visit Benzinga.com.
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