Alibaba, often dubbed China's Google, released its calendar Q2 (FY27 Q1) results on the evening of Aug. 19. Having updated guidance recently, the quarter came in broadly in line with the Street.

Broad retail growth appears to have bottomed, with margin repair helped by narrower losses in food delivery. Meanwhile, AI & Cloud surged, with both growth and margins moving higher.

The only clear beat, similar to Tencent, was capex, which jumped to over RMB 67bn, underscoring accelerated compute investment across leading players. Spend across the top platforms is ramping quickly.

1) Disclosure structure revamped again. Before reviewing this quarter's results...

External cloud revenue growth accelerated to 45%. AI-related product revenue recorded triple-digit growth for 12 consecutive quarters, reaching RMB 12.376 bn.

Below is Dolphin Research's summary of BABA's FY26 Q4 earnings call transcript.

$Alibaba(BABA.US) released its last-quarter FY26 results pre-mkt on May 13. As widely expected, headline performance was weak this quarter.

Below is Dolphin Research's Trans of $Alibaba(BABA.US) FY26 Q3 earnings call.

With a two-track push in food delivery and AI, $Alibaba(BABA.US) released FY26 Q3 results pre-mkt tonight (Mar 19).

In absolute terms, however, performance was weak.

The bright spot was Alibaba Cloud, which continued to post solid growth.

Qwen ranks among the strongest open-source models globally, and with Alibaba Cloud’s distribution, $Alibaba(BABA.US) has achieved solid enterprise adoption in China.

The Qwen consumer app, initially bundled with model R&D, never broke out, and Quark has wavered amid an unclear strategy.

As we head into end-2025 and early-2026...

$Alibaba(BABA.US) $ByteDance(BYTED.NA) $TENCENT(00700.HK) $Baidu(BIDU.US) In our previous discussions of the AI value chain, Dolphin Research focused chiefly on North America. We examined the tangled, interdependent bargaining among upstream players.

AI glasses are regarded as the 'next-generation personal mobile gateway' and are also the most likely mobile terminal to challenge smartphones.

The following are the minutes of Alibaba's FY26Q2 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "AI Shapes the Soul, Consumption Shapes the Root, Has Alibaba Finally Stood Up?" 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call Core Information from Management Statements 1. Progress of the "AI + Cloud" Strategy a. Performance: Driven by strong demand for AI, Alibaba Cloud's external commercialization revenue accelerated to a growth of 29%. Revenue from AI-related products achieved triple-digit year-on-year growth for nine consecutive quarters. Market share has comprehensively increased in several sub-sectors (hybrid cloud, financial cloud)...