Alibaba’s (NYSE:BABA) rose more than 2% intra-day today after the Chinese tech giant reported Q1 results. Despite reporting better-than-expected earnings per share of RMB16.44, surpassing the consensus estimate of RMB15.00, the company's revenue came in slightly under projections at RMB243.24 billion, compared to the anticipated RMB248.38 billion.

Taobao and Tmall Group, Alibaba's core e-commerce platforms, posted a revenue of RMB113.37 billion, a 22% increase quarter-over-quarter but falling short of the expected RMB117.58 billion. Similarly, Alibaba's International Digital Commerce Group saw revenue rise 6.7% to RMB29.29 billion, just below the forecast of RMB29.56 billion.

In contrast, Alibaba's Cloud Intelligence Group reported stronger-than-expected revenue, achieving RMB26.55 billion, a 3.7% increase from the previous quarter, slightly exceeding the RMB26.27 billion estimate.

Adjusted EBITDA for the quarter reached RMB51.16 billion, a 1.7% year-over-year decline but still higher than the projected RMB47.52 billion. CEO Eddie Wu highlighted the company's focus on improving user experience, stabilizing market share in its key e-commerce units, and driving growth in the cloud business, particularly in AI-related products, which contributed to positive momentum.