Hangzhou, China – Alibaba, the Chinese e-commerce giant, revealed its plans to develop a new artificial intelligence chatbot to compete with ChatGPT, a popular chatbot that has garnered global attention. The company announced that its own chatbot is currently in the internal testing phase.

In its most recent fiscal quarter ending in March, Alibaba exceeded revenue expectations despite a significant decline in net profit. The company reported a revenue of 221.9 billion Chinese yuan, surpassing the consensus estimate of 219.66 billion yuan. However, net income attributable to ordinary shareholders dropped by 86% year-on-year.

Alibaba’s shares experienced a 3% decrease in pre-market trading in the United States following the earnings announcement. The company faced challenges throughout 2023, including a major corporate structural overhaul and notable changes in top management, culminating in Eddie Wu assuming the role of chief executive in September.

Earlier in the year, Alibaba announced an increase in its share buyback program by $25 billion through March 2027 as a means to reassure shareholders and demonstrate confidence in the company’s future performance. Despite the tumultuous year, Alibaba continues to navigate the evolving landscape of e-commerce and technology, positioning itself for growth and resilience in the market.

This breaking news story will be updated with further developments. Stay tuned for more information on Alibaba’s recent initiatives and performance in the tech sector.