Alibaba rises 3% in premarket after profit beat, despite miss on sales

Chinese e-commerce giant Alibaba exceeded profit expectations in the September quarter with a 58% increase in net income to 43.9 billion yuan, driven by equity investments. However, sales fell short at 236.5 billion yuan, 5% higher year-on-year but below analyst forecasts. Despite this, Alibaba’s New York-listed shares have risen almost 17% this year, with a 3% increase in premarket trading following the release of quarterly earnings.

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