China’s e-commerce giant Alibaba reported an 86% profit slump in the March quarter despite revenue growing 7% from a year earlier, largely due to changes in the valuation of equity investments. Value of goods sold on Taobao and Tmall saw double-digit growth, as did order numbers on the two platforms, driving revenue of the company’s domestic marketplace up 4% to RMB 93.2 billion. “Increasing customer purchase frequency and enhanced user experience is our number one objective this year,” Wu said on a Tuesday earnings call. The group recorded RMB 221.87 billion in revenue for the three months ended March 31. Within Alibaba’s cloud computing unit, AI-related revenue was a major highlight for the firm with triple-digit growth year-over-year as companies across multiple industries continue to integrate artificial intelligence into their businesses.