Alibaba shares pop 11% in premarket after cloud unit, e-commerce growth push up quarterly profit

Alibaba shares surged in premarket trading after reporting a sharp profit increase in the December quarter, driven by strong performance in its Cloud Intelligence unit and e-commerce segment. The company’s net income reached 48.945 billion yuan, surpassing analyst forecasts, while revenue came in at 280.154 billion yuan, slightly above expectations. Alibaba’s stock has risen by 50% on both the New York and Hong Kong exchanges this year, with CEO Eddie Wu highlighting substantial progress in user-focused and AI-driven strategies, along with accelerated growth in core businesses and Cloud revenue.

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