Alibaba shares jumped over 4% on Tuesday as the company reported better than expected results in the second quarter of the ongoing fiscal due to a bumper growth in the sales of its key AI division.
During pre-market trading, Alibaba stock price jumped nearly 4.3% as investors did not seem to bother about a plunge in profitability.
“Robust AI demand further accelerated our Cloud Intelligence Group business, with revenue up 34% and AI-related product revenue achieving triple-digit year-over-year growth for the ninth consecutive quarter,” CEO Eddie Wu said in an earnings statement on Tuesday.
(This is a developing story. Check back for updates)
