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Alibaba Group Holding Ltd. reported better-than-expected quarterly revenue growth, riding China’s AI development boom.
The company said sales grew 5 percent to 247.8 billion yuan ($35 billion) in the September quarter, versus the 245.2 billion yuan average of analyst projections. The company reported a 16 percent rise in Chinese e-commerce revenue for the period, even as net income dived to 20.99 billion yuan. Its US shares gained more than 1 percent in pre-market trading.
The strong set of…
