China’s Alibaba Group posted a 34% jump in revenue from its cloud business in its most recent quarter, buoyed by the boom in artificial intelligence.

But overall revenue at the Chinese tech group for the July-September quarter increased by just 5% year-on-year to 247.8 billion yuan ($35 billion), and profit fell 52% from last year, as a fierce price war in China's e-commerce landscape, including in the food delivery segment, eroded into short-term profitability. JD.com, its e-commerce rival, reported a 55% net profit drop in the same quarter.

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