ALI HEALTH, the healthcare subsidiary of Alibaba Group, witnessed a significant surge of 8.33% in its stock price on Friday, riding on the back of robust earnings and the company's substantial progress in its "user first, AI-driven" strategies.
The company reported a revenue of 280.15 billion yuan ($38.38 billion) for the period, marking an 8% increase from the previous year and aligning closely with analysts' expectations of 279.34 billion yuan. The strong financial performance was underpinned by the company's strategic focus on leveraging artificial intelligence to enhance user experience.
ALI HEALTH's positive performance was further buoyed by the broader rally in Alibaba-linked stocks. Yunfeng Fin, another Alibaba affiliate, soared an impressive 13%, while the parent company Alibaba itself saw its shares soar by 10%.
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