Hong Kong (AP)-Chinese e-commerce firm Alibaba Group Holding posted its fastest revenue growth in more than a year, defeating analyst’s expectations as it capitalize on artificial intelligence bounce in China.
Alibaba said on Thursday that his revenue for the end of December ended 8% to 280.2 billion yuan ($ 38.38 billion) increased by 8% compared to the same period last year.
Pure income increased to 48.9 billion yuan ($ 6.71 billion). Alibaba’s New York-traded stock was more than 12% after the earnings results.
In an earning call, Alibaba’s CEO Eddie Wu said that Alibaba has planned to “invest” in artificial intelligence and cloud computing infrastructure in the coming three years, firm in the last decade with upcoming expenses Has already invested.
Wu said, “The results of this quarter demonstrated adequate progress in our ‘users first, AI-operated’ strategies and re-unacceptable development of our main businesses.”
He said that Alibaba’s Artificial Intelligence Strategy was to pursue Artificial General Intelligence (AGI), which is artificial intelligence that can match or cross and surround human intelligence.
He said that such an opportunity for industry change is something that comes with “many decades every once” and said that AGI Alibaba had the primary goal.
Alibaba’s plan to grow up on Artificial Intelligence comes as rivalry in AI space which is heated between the US and China. Chinese AI firm Dipsek recently destroyed the US AI industry when its AI model appeared to rival prominent people of American companies while trained on cheap hardware.
Hangzho-facilitated firms are one of China’s technology firms running to move forward in AI space. In January, it unveiled its latest Qwen AI model, who performed well in benchmark tests, putting Alibaba among leading companies in China’s AI industry.
Alibaba is working with Apple to include its AI technology in the Chinese iPhone, the firm said earlier this month.
Alibaba has already implemented AI technology in its cloud products, its cloud business unit has created a 13% revenue increase compared to last year – the fastest speed in about two years.
Its international commerce unit, which includes platforms such as Aliexpress and Lazada, saw a revenue growth of 32% operated by “strong performance of border businesses”.
Alibaba was one of the several major Chinese technology companies, which in 2020 suffered a regulator rift on the technology industry, when authorities reduced the initial public offer of their financial affiliated ants group.
