Alibaba Stock Jumps as Results Surpass Estimates | Global News Avenue

Shares of Alibaba Group (dad) U.S. listed trading gained more than 10% after Chinese technology and e-commerce giants reported quarterly results, which estimates estimates of its cloud business growth, including its AI initiatives.

The company said its revenue rose 7.6% in the December quarter to 280.15 billion yuan (about $38.5 billion). Earnings per share $2.93 per ad is also more than the estimated value. Both results are more than the consensus estimates of the analysts’ consensus estimates of visible α.

“The results for the quarter show that our ‘users first, AI-driven’ strategy and the re-growth of our core business growth has made considerable progress,” said CEO Eddie Wu.

He added that cloud revenue growth rose 13% year-on-year in its third quarter, of which Artificial Intelligence (AI)– Related Product Revenues “realized triple-digit growth for the sixth consecutive quarter.

Alibaba stock has been crying over the past year

Alibaba’s share price surges 70% It is reportedly closed for the last 12 months to Wednesday With Apple ((AAPL) Create AI features for Chinese iPhones. It is reported that its co-founder Jack Ma Wall Street Journal.