Alibaba cloud revenue rises 45% even as AI spending weighs on profit

China’s Alibaba posted stronger growth in its key cloud division in the June quarter, as rising demand for its AI products boosted results.

That came even as net income dropped 75% year-on-year to 10.4 billion Chinese yuan due to a rise in spending on cloud infrastructure.

U.S. listed shares fell 4% in premarket trading.

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