Alibaba posted a 239% year-over-year jump in net profit in the final quarter of 2024, and Amazon's quarterly revenue surpassed Walmart's for the first time.
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Asia-Pacific markets trade in a tight range on Friday amid persistent concerns over U.S. trade tariffs and high for longer interest rates, while strong earnings from e-commerce giant Alibaba sparked a renewed rally in Hong Kong.
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Alibaba Group Holding Ltd.'s chief executive officer said the pursuit of artificial general intelligence is now the company's "primary objective."
Chinese technology shares led gains in Asian stocks after Alibaba Group Holding Ltd. reporting its fastest pace of revenue growth in more than a year boosted optimism toward the sector. The yen weakened past 150 per dollar.
Alibaba has been making 'significant strides' in advancing its AI cloud business after launching its Qwen 2.5-Max flagship AI foundation model, Barclays wrote in a note.
Alibaba posted a 239% year-over-year jump in net profit in the final quarter of 2024, and Amazon's quarterly revenue surpassed Walmart's for the first time.
Analysts say the Alibaba founder's re-emergence could signal a policy change in Beijing.
Alibaba Group Holding's December quarter earnings surpassed expectations, with strong cloud growth and rising EBITA. Click to find out why BABA stock is a Buy.
Also in today's newsletter, Alibaba to 'aggressively' invest in AI, and Hong Kong's low-tax appeal threatened by property slowdown ...