The e-commerce giant Alibaba announced a moderate growth of its annual turnover on Thursday-another positive sign for the Chinese technology sector despite increasing challenges.
The company’s turnover for the financial year concluded on March 31 achieved 996.3 billion Yuan (123.5 billion euros), as can be seen from the data published on the stock exchange in Hong Kong. This corresponds to an increase of 6 percent compared to the previous financial year.
The company based in Hangzhou, East China, operates some of the most used e-commerce platforms in the country, including Taobao. The results of the company are therefore an important indicator of the mood of the Chinese consumers: inside.
The company’s share price experienced strong fluctuations this year. First of all, he benefited from the new enthusiasm of the investor: inside for the Chinese skills in the field of artificial intelligence (AI) before broke down the US President Donald Trump’s trade offensive last month.
Alibaba’s annual surplus rose to 129.5 billion Yuan, which, according to the AFP calculations, corresponds to an increase of 62 percent compared to the previous year.
“Our results (…) for the entire financial year show the continued effectiveness of our strategy”, which focuses on users: inside and AI, “as well as an accelerated growth of our core business,” said CEO Eddie Wu in a message.
In March, the company announced the introduction of an AI model, which claims to compete with the Chinese market leader Deepseek. Alibaba’s AI model called QWQ-32B joins Yuanbao from Tencent, another Chinese internet giants, and thus exacerbates the national competition.
This article was used with digital tools translated.
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