Alibaba reports 9% rise in quarterly revenue, shares fall 6%

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),...