Alibaba Reports Strong Q3 Earnings Driven by E-Commerce and AI-Boosted Cloud Growth

The Chinese tech giant beat revenue and profit expectations, with its cloud unit achieving double-digit growth and AI-related sales surging year-on-year.

Alibaba posted Q3 2024 revenue of 280.15 billion yuan, exceeding analyst expectations of 277.4 billion yuan, alongside adjusted earnings per share of 21.39 yuan, surpassing the forecast of 19.12 yuan.
Core domestic e-commerce sales reached 136.1 billion yuan, outperforming estimates, while international e-commerce revenue grew 32% year-on-year, driven by cross-border business expansion.
The Cloud Intelligence Group saw a 13% year-on-year revenue increase, with AI-related product sales achieving triple-digit growth for the sixth consecutive quarter.
Alibaba plans to invest more in cloud and AI infrastructure over the next three years than it has in the past decade, signaling its strategic focus on these areas.
Shares of Alibaba surged over 10% in premarket trading, reflecting investor confidence in the company's profitability and growth trajectory.

South China Morning Post