Chinese giant Alibaba posts 86% profit drop but beats revenue expectations

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.Alibaba posted a beat on revenue in its fiscal fourth quarter ended March, even as the Chinese e-commerce giant's net profit plunged sharply.Here's how Alibaba did in the March quarter versus LSEG consensus estimates:Revenue: 221.9 billion Chinese yuan ($30.7 billion) versus 219.66 billion yuan expected.Net in ...