Why Alibaba Stock Is Skyrocketing Today

Shares of Alibaba Group (NYSE: BABA) are flying higher on Thursday. The company's stock gained 10.4% as of 10:24 a.m. ET. The gain comes as the S 500 (SNPINDEX: ^GSPC) lost 0.8% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.1%.

Chinese tech firm and online retail giant Alibaba posted better-than-expected numbers for its December quarter. The company reported net income of $6.72 billion, up year over year from $1.98 billion and topping analyst estimates of $5.56 billion. Revenue for the quarter was $38.46 billion, beating estimates of $38.35 billion.

The stellar quarter was driven by success in two key areas, the rapidly growing Cloud Intelligence Unit and its International Digital Commerce Group. Driven by artificial intelligence (AI) demand, the former saw 13% year-over-year growth, while the latter grew 32% year over year, driven by strong international e-commerce demand.

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Source Fool.com