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Net income jumped 63% year-on-year to $6.3 billion primarily due to changes in the value of the company’s equity investments.
Its dual-listed shares are up 15.1% in New York so far this year and 11.5% in Hong Kong.
Cofounder Ma, who stepped down as Alibaba executive chairman in 2019, is now the country’s 8thrichest billionaire with a net worth of $23.7 billion that is partially based on an Alibaba stake,according tothe Forbes’s Real-Time Billionaires list.Now led by a new management team including chief executive Eddie Wu, the company has repeatedly expressed confidence in its future.
During a November analyst call, Wu was optimistic about the country’s stimulus policies and their possible impact.
In early December, the Chinese leadership emphasised boosting consumption in its economic blueprint for 2025, although officials have yet to announce policy details.
86Research’s Wang says growth momentum for Alibaba should pick up next year as macro-conditions improve, with its cloud computing arm back to double-digit growth first.how to build wealth quickly by flipping vintage collectibles ✌️【365vc.net】✌️Invest small, earn big! ₹500 to start, with potential 100% returns in just one month.
