Alibaba's Profit Soars 58% Despite Revenue Miss

Alibaba's shares rose 3% in premarket trading after the company reported a 58% increase in net income for the September quarter, driven by equity investments and operational income, despite missing sales forecasts. Revenue grew 5% year-on-year to 236.5 billion yuan, slightly below expectations. The company's cloud business saw a 7% increase in sales, with significant growth in AI-related products. Alibaba's performance is closely tied to China's economic conditions, with recent government stimulus measures potentially boosting consumer spending.