Alibaba shares dropped 7.6% on Watch Big Breasts Overflowing With Hands, The Wifes Runaway OnlineThursday after the company missed analyst expectations for both revenue and net income in its fiscal fourth quarter, ending in March. The Chinese e-commerce giant reported revenue of RMB 236.5 billion ($32.6 billion), slightly below the RMB 237.2 billion forecast. Net income came in at RMB 12.4 billion ($1.72 billion) — about half of the RMB 24.7 billion ($3.43 billion) analysts expected, though still a 279% year-on-year increase off a low base. Despite the miss, the Chinese tech giant’s core business units showed resilience. Revenue from the Taobao and Tmall e-commerce division rose 9%, with customer management revenue growing 12%. Alibaba also expanded a key partnership with Xiaohongshu to drive purchases via embedded shopping links. Cloud revenue rose 18% year-on-year, supported by AI product demand. CEO Eddie Wu said the company’s AI-related revenue had seen triple-digit growth for seven consecutive quarters, and forecasted strong future growth in cloud-based AI services. [Alibaba]
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