Alibaba Group reported its financial results for the first quarter of the fiscal year 2024, with total revenue increasing by 14% year-on-year. Revenue from Alibaba's retail platforms Taobao and Tmall grew by 12% year-on-year. Alibaba Cloud's revenue for this quarter reached 25.123 billion yuan, a year-on-year increase of 4%.

Alibaba Cloud's revenue growth this quarter was driven by storage, networking, and AI computing-related products. Zhang Yong, Chairman and CEO of Alibaba Cloud Intelligence Group, stated that the demand for AI cloud services is very strong due to the model training and inference scenarios brought about by the new generation of artificial intelligence development. The transformation brought by AI technology marks the beginning of a new era, and Alibaba Cloud will continue to invest in the fields of IaaS, PaaS, and MaaS.