Reported 1 day ago
Alibaba Group Holding Limited (NYSE:BABA) saw a significant surge of 12.95% to close at $135.05 on Friday, marking the end of a three-day decline. This jump came after the company reported a 67% increase in net income, reaching 40.65 billion yuan, primarily driven by gains from equity investments and the sale of its local consumer service business. Revenues for the first quarter of fiscal year 2026 rose by nearly 2%, leading to optimistic projections as CEO Eddie Wu emphasized the company's focus on consumption and AI + Cloud for sustained growth.
Source: YAHOO