HONG KONG -- Shares of Alibaba Group Holding reached a three-year high in New York after the Chinese e-commerce conglomerate reported better-than-expected quarterly earnings Thursday, driven by the robust growth in its cloud business and international e-commerce unit.
Alibaba's stock surged nearly 15% at one point during morning trading. Company revenue grew 8% to 280.15 billion yuan ($38.38 billion) in the October-December quarter, beating the average forecast of 279.6 billion yuan by analysts surveyed by LSEG.
