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

Core Insights - Alibaba reported a net income of 43.9 billion Chinese yuan ($6.07 billion) for the September quarter, significantly exceeding the LSEG forecast of 25.83 billion yuan [1] - Revenue reached 236.5 billion yuan ($32.72 billion), slightly below the analyst forecast of 238.9 billion yuan [1] Company Performance - Alibaba's shares have increased by almost 17% year-to-date, with a 3% rise in premarket trading following the earnings release [2] - The company experienced "robust growth" in gross merchandise volume for its Taobao and Tmall Group businesses during the recent Singles' Day shopping festival, along with a record number of active buyers [5] Industry Context - The retail environment in China remains challenging, reflecting broader economic sluggishness, despite a recent 4.8% year-on-year increase in sales in October [2][4] - Recent stimulus measures from Beijing, including a 1.4-trillion-yuan package, are being monitored for their potential impact on economic growth and the real estate market [3]