Alibaba (BABA, HK9988) announced its 3FQ25 results before the market open on February 20, 2025. For the quarter, revenue increased 8% YoY to US$39 billion, with non-GAAP net income and adjusted EBITDA reaching US$7.0 billion and US$8.6 billion, respectively. Cloud revenue saw a 13% YoY increase, outperforming the consensus estimate of 10%, driven by significant growth in AI-related products, which delivered triple-digit growth for the sixth consecutive quarter. Alibaba’s planned investment in cloud and AI infrastructure over the next three years is set to surpass the company’s cumulative spending over the past decade. We have raised our FY26 revenue forecast to US$152 billion, with FY26 non-GAAP net income projected to reach US$23 billion.
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