Alibaba reported a sharp revenue jump for its latest third quarter, thanks to robust AI products and e-commerce growth. For the three months ended Dec. 31, the Chinese tech giant’s revenue jumped 8% year-over-year to CNY280.1bn renminbi ($38.3bn). Profit surged 239% to reach $6.7bn, thanks to strong growth in its AI infrastructure and ‘the increase in income from operations, market-to-market changes from our equity investments, and the increase in share of results of equity method investees,’ Alibaba explained.

For its core Taobao and Tmall e-commerce business unit, revenue rose 5% year-over-year to CNY136bn ($18.6bn) during the quarter. Its 88VIP loyalty program, which includes the platform’s highest-spending consumer group, increased by double digits to reach 49mn during the quarter. Alibaba’s International Digital Commerce branch, which includes e-commerce platforms such as Lazard and AliExpress, jumped 32% year-over-year, which the company attributed to its continued investment in overseas shopping festivals and selected European markets and the Gulf region.