Alibaba Group announced fourth-quarter revenues of 280.2 billion yuan, roughly 38.5 billion dollars, alongside a net profit of 48.9 billion yuan, or 6.7 billion dollars, exceeding market projections of 279.3 billion yuan in revenue and 40.6 billion yuan in profit.

The company credited its robust results to a 13% rise in cloud revenue and impressive triple-digit increases in revenue from AI-related products, marking the sixth consecutive quarter of such growth.

In a statement, CEO Eddie Wu highlighted the company’s strategic emphasis on a user-first mindset, innovations in AI, and the revitalized strength of its core business operations.

These technological advancements come amid heightened investor interest following Alibaba’s recent partnership with a significant technology ally aimed at integrating AI features into mobile devices sold in China.

Earlier this year, Alibaba launched an enhanced version of its proprietary AI model, which the company asserts outperforms a rival model developed by a Chinese competitor.

The firm's stock has surged by about fifty percent on both the New York and Hong Kong exchanges since the beginning of the year.