Reported 1 day ago
Alibaba Group's U.S. shares rose over 10% in premarket trading following the release of its quarterly results, which exceeded analysts' expectations. The company reported a 7.6% increase in revenue to 280.15 billion yuan ($34.45 billion) year-over-year, driven by significant growth in its cloud services and AI initiatives. With its stock increasing 70% over the past year, CEO Eddie Wu highlighted substantial advancements in their 'user first, AI-driven' strategies.
Source: YAHOO