BABA Stock Rises Pre-Market As AI-Driven Cloud Growth Drives Revenue Beat
Synopsis
CEO Eddie Wu said Cloud Intelligence Group's revenue rose 34% in the quarter ended September 30.
Alibaba Group Holding (BABA) shares rose nearly 4% in premarket trading on Tuesday as investor optimism gathered momentum after the company’s upbeat second-quarter revenue and CEO Eddie Wu’s remarks on robust AI demand accelerating the Cloud Intelligence Group business.
“With our significant strategic investments in these areas, our two core businesses of AI + Cloud and consumption continued to deliver strong growth this quarter,” Wu said.
He added that Cloud Intelligence Group's revenue was up 34% for the quarter ended September 30, and AI-related product revenue achieved triple-digit year-over-year growth for the ninth consecutive quarter.
The company’s second-quarter revenue rose 5% to RMB 247.80 billion ($34.89 billion), compared with analysts’ expectations of RMB 243.2 billion, according to data compiled by Fiscal AI.
RMB 1 = $0.14
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