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Alibaba Stock Rises on Strong Q1 Profit and AI Growth Despite Revenue Shortfall
Alibaba Stock Rises on Strong Q1 Profit and AI Growth Despite Revenue Shortfall
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BTCCSquare news:
Alibaba Group Holding Ltd. (BABA) shares gained nearly 4% in pre-market trading after reporting fiscal first-quarter earnings that surpassed profit expectations, driven by cost efficiencies and accelerating cloud revenue growth. The Chinese e-commerce giant posted net income of $5.9 billion, sharply above the $3.7 billion consensus, while revenue of $34.6 billion missed estimates by 2%.
The Cloud Intelligence Group emerged as the standout division with 26% year-over-year growth, fueled by enterprise demand for artificial intelligence services. Alibaba's Core commerce units maintained steady performance, with Taobao and Tmall generating 10% revenue growth through improved monetization.
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