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Alibaba Profits Surge Amidst Growth in Cloud Business and Investment Gains

1 hour ago

Alibaba Profits Surge Amidst Growth in Cloud Business and Investment Gains
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7 Highlights

  • Alibaba profits up 63% from investment gains and cloud growth.
  • Corporate revenues increased by 5%, reaching RMB237 billion.
    • Net income soared to RMB43.7 billion after investment boosts.
    • Non-GAAP net income dropped 9% to RMB36.5 billion.
    • Youku's ad revenue improved, reducing segment losses.
    • Cloud and AI product revenues achieved double-digit growth.
    • Shares rose in Hong Kong and NYSE after earnings release.
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