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BABA-W Opens 10% Higher as Quarterly Results Beat, Aggressive Investment in AI Infrastructure Planned
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BABA-W (09988.HK)'s net income for the third fiscal quarter ended December 2024 was RMB48.95 billion, up 2.39 times YoY, significantly beating market consensus. Non-GAAP net income amounted to RMB51.066 billion, reaching the upper end of market consensus, while operating profit grew 83% YoY to RMB41.2 billion. The strategy of focusing on the two core businesses, naming e-commerce and AI+Cloud, has borne fruit, Eddie Wu, Group Chief Executive Officer, said. Wu emphasized that, in the future, the Group will continue to focus on the development of domestic and international e-commerce, AI+Cloud technology business and internet platform products. WU added that the Group will actively invest in the construction of AI infrastructure, and forecasted that investment in cloud and AI infrastructure over the next three years will exceed the total of the past decade. BABA-W opened 10% higher at $133 this morning (21st) before peaking at $134.5 in the early session, and last surged 11.08% to $134.3. Volume was 35.98 million shares, involving $4.787 billion. AAStocks Financial News |
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