Alibaba Group Holding’s revenue rose 7 per cent in the March quarter, with its cloud computing unit continuing to be a bright spot for the tech giant as it bets its future on artificial intelligence (AI).

Total revenue reached 236.5 billion yuan (US$32.6 billion) in the last quarter of its financial year ended March 31, slightly missing the Bloomberg consensus estimate of 237.9 billion yuan. That marked the 11th consecutive quarter of revenue growth for the company.

Net income attributable to ordinary shareholders surged 279 per cent to 12.4 billion yuan, lower than the 22.6 billion yuan expected by analysts surveyed by Bloomberg.

The Hangzhou-based company’s adjusted earnings before interest, taxes and amortisation rose 36 per cent year on year to 32.6 billion yuan in the quarter, which was in line with the consensus estimate of 32.6 billion yuan.

“Our results this quarter and for the full fiscal year demonstrate the ongoing effectiveness of our ‘user first, AI-driven’ strategy, with core business growth continuing to accelerate,” said Alibaba CEO Eddie Wu Yongming. “Looking ahead, we will remain focused on our core businesses and continue to drive AI and Cloud as a new engine for our long-term growth.”