Alibaba reported a 7% increase in revenue and a 13% rise in operating profits in Q4. Despite these gains, the company's net income fell 96% due to a net loss on investments in listed companies, causing its shares to plunge during New York trading hours. The company also saw a steady increase in GMV and order numbers on Taobao and Tmall. In contrast, Tencent reported a 62% surge in earnings, driven by higher-margin businesses including advertising and e-commerce. Tencent's stock experienced a significant surge as a result, narrowing the distance between itself and competitor ByteDance. Meanwhile, Baidu's revenue grew at the slowest pace in more than a year, with a 1% year-over-year increase to $4.4 billion, although it still beat market estimates. Baidu's net income dropped 6% year-over-year to $755 million, but the company saw growth in its AI Cloud revenue.