Alibaba shares rise 3% in premarket after Chinese tech giant posts 58% jump in profit

By CNBC | Nov 15, 2024 at 07:01 AM EST

Alibaba exceeded profit expectations in the September quarter due to growth in its cloud business. Net income was 43.9 billion yuan, surpassing forecasts. The company's shares rose 17% in 2021. Analysts are optimistic about Alibaba's performance amid the challenging retail environment in China.

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