Alibaba quarterly results: strong AI cloud growth, steady consumer business

Alibaba reported quarterly results for the period ended Dec 31, 2025: revenue of RMB 284.843 billion, up 2% YoY (9% on a like-for-like basis); adjusted EBITA down 57% to RMB 23.397 billion, mainly due to increased investments in instant retail, user experience, and technology. Cloud Intelligence Group revenue was RMB 43.284 billion, up 36% YoY, with AI-related product revenue growing triple digits for the tenth consecutive quarter. Qwen app MAU exceeded 300 million.