Chinese e-commerce giant Alibaba Group reported its fastest quarterly revenue growth in over a year, driven by its expanding cloud computing business and investments in artificial intelligence.
For the quarter ending December 31, 2024, Alibaba’s revenue grew 8% year-over-year to 202.815 billion yuan ($39 billion), surpassing market expectations.
According to Xinhua News Agency on Saturday, Alibaba Cloud recorded its highest growth in nearly two years, with revenue increasing 13% year-over-year to 31.74 billion yuan.
The growth of Alibaba Cloud was primarily fueled by double-digit growth in public cloud revenue, with AI-related products achieving triple-digit annual growth for six consecutive quarters, according to Alibaba Cloud.
Additionally, international e-commerce revenue surged 32% year-over-year in the same quarter, driven by overseas platforms such as AliExpress and Trendyol.
Analysts widely interpreted this revenue growth as a sign of Alibaba’s business recovery and significant progress in artificial intelligence.
