Alibaba is making waves in the stock market! 📈 On Friday, the company's shares listed in Hong Kong jumped a whopping 14.56% after releasing better-than-expected quarterly earnings.
The tech giant reported an 8% increase in revenue, reaching 280 billion yuan ($38.6 billion) for the quarter ending December 2024. This marks their fastest revenue growth in over a year!
During Thursday's earnings call, CEO Eddie Wu revealed exciting plans to invest heavily in artificial intelligence (AI) and cloud computing over the next three years, more than what Alibaba has invested in the past decade combined. 😲 While he didn't specify the exact investment amount, the company's capital investment for the first nine months of 2024 already stood at 61.4 billion yuan.
Alibaba's AI-related products are on fire, boasting triple-digit revenue growth for six consecutive quarters. Additionally, their cloud products saw a 13% increase in revenue for the October-December quarter of 2024.
Looks like Alibaba is all set to dominate the AI and cloud space! 🌐✨
Reference(s):
cgtn.com
