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Alibaba profit drops 76% on AI spending as revenue climbs 9%
Aug 20, 2026
< 1 min read
by Opeyemi Olanrewaju
for CryptoPolitan
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AI Overview
Alibaba reported quarter-ending June 30 revenue of 268.95 billion yuan ($39.64B), up 9% year-over-year, while net income collapsed 76% to 10.54 billion yuan ($1.55B) after a surge in AI spending and its shares fell about 6%. The profit hit and heavier tech investment could curb investor risk appetite and capital available for growth and fundraising, potentially dampening crypto and DeFi adoption and trading activity on CEXs and DEXs in the near term.
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Alibaba grew its revenue 9% last quarter but shares still fell 6% after profit dropped 76% due to a surge in AI spending, the company reported Thursday. Revenue for the quarter ending June 30 reached 268.95 billion yuan ($39.64 billion), up 9% from a year earlier. Net income fell to 10.54 billion yuan ($1.55 billion),...
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