The latest quarterly figures from Alibaba should make the hearts of company management and shareholders beat faster. After all, the tech giant from China has been able to record a new growth spurt. The ever-growing importance of artificial intelligence is likely to be the main reason for this resounding success.
Alibaba scores with AI and cloud solutions
Things are going well at Alibaba. Both in the first quarter of 2024 and in the last financial year as a whole, the Group scored with great figures, as can be seen from the quarterly report that has now been published. The company generated revenue of almost 28.4 million euros in the first quarter, which corresponds to an increase of 7% compared to the first quarter of 2023.
Over the last financial year as a whole, Alibaba was able to generate revenue of 120.5 million euros. This comprehensive increase is primarily due to the company’s ever-growing AI and cloud division. Alibaba recorded growth of 3% with its Cloud Intelligence Group. Not only the eponymous cloud solutions, but also AI services play a major role here.
And it is the latter that are primarily responsible for the growth. Alibaba’s revenue related to artificial intelligence is said to have increased significantly. It is therefore not surprising that the Chinese tech group is planning to launch its own chatbot soon. With Qwen 2.5, the company wants to give even AI experts such as OpenAI a run for their money.
Plus in classic areas too
But the other figures are also impressive. For example, the two online department stores Tmall and Taobao. These grew by a whopping 4%. This is mainly due to the growing popularity among the Chinese population. They are increasingly shopping on the two platforms. E-commerce also plays a major role for Alibaba.
With revenue of just under 3.5 million euros, the tech group was able to achieve an increase of 45%. The focus here is on one service in particular: Choice. Here, companies that offer products at a great price-performance ratio can advertise effectively. Customers can then not only find suitable goods, but also benefit from fast delivery.
