Alibaba Group Holding (HKG:9988) posted net income of 48.95 billion yuan for the December quarter, up 239% from a year earlier, according to a Thursday filing on the Hong Kong Stock Exchange.
Diluted earnings per share rose 261% to 2.55 yuan. Revenue climbed 8% to 280.15 billion yuan.
Alibaba's earnings got a boost from a rebound in its core online retail business and rapid expansion in artificial intelligence-driven cloud services.
Revenue from its Taobao and Tmall Group, which accounts for most of its earnings, rose 9%, while cloud computing revenue grew 13%. AI-related product revenue continued to see triple-digit growth for a sixth straight quarter.
Alibaba has been restructuring its business over the past year to focus on key areas. It has exited non-core assets, including the sale of its entire stake in retailer Sun Art for up to HK$12.3 billion and department store chain Intime for 7.4 billion yuan.
The company also repurchased $1.3 billion worth of shares during the quarter as part of its ongoing buyback program.
Alibaba's international e-commerce business posted strong growth, with revenue from its overseas arm rising 32%.
The company is investing in expansion in Europe and the Gulf region and has disclosed a joint venture with South Korea's Shinsegae to develop its AliExpress operations in the country.
Cloud Intelligence Group, which houses Alibaba's cloud services, saw revenue growth pick up after a slowdown earlier in the year.
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