Alibaba reports 8% revenue growth in December quarter, outlines AI strategy

Alibaba Group posted an 8% year-on-year increase in revenue for the December quarter of 2024 on Thursday, with its total revenue during the period reaching RMB 280 million ($38.38 billion). The company also reported strong performance from its Cloud Intelligence Group, which generated RMB 31.7 million ($4.35 billion), a growth of 13% from the same period last year.

On an earnings call, Alibaba CEO Eddie Wu outlined the company’s strategic roadmap, emphasizing a clear focus on three main business categories: domestic and international e-commerce, AI + cloud computing, and internet platform businesses. He also detailed an investment plan to aggressively invest in AI and cloud computing infrastructure, with planned spending in the next three years exceeding the company’s total investment in these areas over the past decade. The company also intends to boost research and development in AI foundation models, aiming to lead technological advancements and expand AI-native applications, Wu said. [Alibaba]