Alibaba shares jump 10% as AI drives cloud unit acceleration
Alibaba posted a better-than-expected bottom line in the June quarter fueled by accelerated sales at its cloud computing unit and a continued revival of its e-commerce business. Still, the Chinese giant's revenues came in under analyst forecasts. Alibaba's stock climbed 10% in the U.S. after initially dipping. Here's how Alibaba did in its fiscal first quarter ended June, compared with LSEG estimates: Revenue: 247.65 billion Chinese yuan ($34.6 billion), versus 252.9 billion yuan expected. N