Alibaba reports Q1 revenue up 9% YoY to ~$40B, meeting est., and net income down 75% to ~$1.6B due to heavy AI spending and weak domestic retail consumption (Luz Ding/Bloomberg)

Alibaba posted first-quarter revenue of roughly $40 billion, a 9% year-over-year increase, while net income fell about 75% to $1.6 billion as the company’s heavy AI spending and weak domestic retail consumption squeezed margins. Slack launched Slack Code, adding dedicated project-specific code channels that let teams work with AI coding agents “like teammates” across all plans.