Alibaba Group’s net income plunged 75 percent in the June quarter, while operating income—profit from its core business operations—fell 57 percent as the Chinese technology giant continued heavy spending on artificial intelligence and computing infrastructure.
Net income fell to 10.4 billion yuan ($1.54 billion) for the three months ended June 30, from 42.4 billion yuan ($6.25 billion) a year earlier, according to Alibaba’s quarterly results.
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