Alibaba shares rise 3% in premarket after Chinese tech giant posts 58% jump in profit

Chinese e-commerce behemoth Alibaba on Friday beat profit expectations in its September quarter, citing an acceleration in growth in its cloud business unit. Net income came in 43.9 billion Chinese yuan ($6.07 billion), compared with a LSEG outlook of 25.83 billion yuan.Revenue reached 236.5 billion yuan ($32.72 billion), versus an analyst forecast of 238.9 billion yuan, according to LSEG data.The company's New York-listed shares have gained ground this year to date, up almost 17% as of Friday. The stock wa ...