Alibaba posted a beat on revenue in its fiscal fourth quater ended March, but the Chinese e-commerce giant's net profit plunged.Alibaba said it is working on a rival to ChatGPT, the artificial intelligence chatbot that has caused excitement across the world. Alibaba said its own product is currently undergoing internal testing.Revenue: 221.9 billion Chinese yuan versus 219.66 billion yuan expected.
The Hangzhou-headquartered company has been ramping up its overseas push amid a domestic slowdown, where Alibaba has faced rising competition from low-cost players like PDD. Earlier this year, CEO Wu vowed to "reignite" growth in the e-commerce firm with further investments. There appear to be early signs of that taking hold in the March quarter.
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