Alibaba's shares opened 10% higher in Hong Kong on Friday to reach their highest level in more than three years, after it reported third-quarter revenues just above analysts' estimates and said it plans to invest more in e-commerce and AI.

The e-commerce company posted a better-than-expected 7.6% rise in revenue as it worked to put growth back on track amid fierce domestic competition and a slowing Chinese economy.

Chinese tech titan Alibaba posted a startling 239% year-over-year jump in net profit in the final quarter of 2024. CEO Eddie Wu attributed that shiny result to growth in the company's cloud business and its triple-digit expansion in artificial intelligence during the past six quarters,