BABA Stock Rises Pre-Market As AI-Driven Cloud Growth Drives Revenue Beat

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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.

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“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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