The news: Alibaba’s Q3 revenues grew at the fastest pace since late 2023, driven by acceleration in its core ecommerce and AI businesses.

• Total revenues rose 7.6% year over year to RMB 280.15 billion ($39.1 billion), beating LSEG’s forecast for RMB 279.34 billion ($38.99 billion).
• Revenues at Taobao and Tmall Group increased 5% YoY, a sizable uptick compared with the previous quarter’s tepid 1% growth.

Behind the numbers: The recovery in Alibaba’s domestic ecommerce business is a promising sign given the difficult consumer environment in China.