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Investing.com -- Alibaba Group Holding shares jumped 6.3% in premarket trading on Thursday after the Chinese e-commerce giant reported better-than-expected fourth-quarter results, driven by strong revenue growth across its core businesses.
The company posted adjusted earnings per share of RMB21.39 ($2.93), surpassing analyst estimates of RMB19.81. Revenue rose 8% YoY to RMB280.15 billion ($38.38 billion), also beating expectations of RMB277.03 billion.
Alibaba (NYSE:BABA)’s core Taobao and Tmall Group saw customer management revenue increase 9% YoY to RMB100.79 billion ($13.81 billion), benefiting from growth in online gross merchandise volume and improved take rates.
"This quarter’s results demonstrated substantial progress in our ’user first, AI-driven’ strategies and the re-accelerated growth of our core businesses," said Eddie Wu, CEO of Alibaba Group.
The company’s Cloud Intelligence Group revenue grew 13% YoY to RMB31.74 billion ($4.35 billion), with AI-related product revenue maintaining triple-digit growth for the sixth straight quarter.
Alibaba International Digital Commerce Group revenue surged 32% YoY to RMB37.76 billion ($5.17 billion), driven by strong performance in cross-border businesses.
For the full fiscal year 2024, Alibaba expects revenue growth to be between 8-10%.
Alibaba said it continues to focus on its strategic priorities in e-commerce and cloud computing to drive long-term growth.