Alibaba Group's (BABA) US-traded shares were down around 3% in Friday morning trading after the Chinese ecommerce giant posted higher-than-expected quarterly earnings on the back of cloud operations growth fueled by 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) but revenue was lower than expected.

The company said th🌠at net income in its September quarter soared 63% to 43.5 billion Chinese yuan ($6.02 billion) year-over-year, comfortably beating the 26.8 billion yuan expected by analysts polled by Visible Alpha.🔯

“Growth in our cloud business accelerated from prior quarters, with revenues from public cloud products growing in double digits and AI-related product revenue delivering triple-digit growth,” 澳洲幸运5开奖号码历史查询:Chief Executive Officer Eddie Wu said.

"We are more confident in our core businesses than ever and will continue to invest in supporting long-term growth," he added.

Quarterly Revenue Lags Forecasts

Revenue of 236.5 bill🍸ion yuan, up 5% higher year-over-year, undershot the 239 billion yuan analysts’ estimate.

Alibaba’s New York-listed shares are up about 14% this year and are currently a bit under $90 each, driven higher by investor hopes that Beijing’s planned stimulus for its slowing economy will revive consumer spendi🉐ng in China. Spending appetite has been hit by the country’s prolonged real estate slump in recent😼 years.

The shares, however, are still well off an all-time high of 澳洲幸运5开奖号码历史查询:almost $319 in November 2020 bef♛ore Beijing💎 began a crackdown on large tech firms and sidelined founder Jack Ma.