Alibaba plans to list cloud division as quarterly revenue misses expectations

Alibaba announced plans to spin off its cloud division as a separate, publicly traded company, while missing revenue expectations in its quarterly earnings report. The company also unveiled its ChatGPT-style product, Tongyi Qianwen, and plans to raise money for its international digital commerce group. Alibaba's board also approved exploring a listing of its Freshippo retail business and a potential IPO for its Cainiao Smart Logistics unit.

Despite a slow start to the year, the company saw mid-single-digit declines turn positive in May on its Taobao and Tmall platforms.