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Stock Alert: Alibaba Group Advances 4%

Shares of Chinese e-commerce giant Alibaba Group Holding Limited (BABA) are climbing more than 4% Wednesday morning at $298.98, nearing its 52-week high of $299.

Alibaba's cloud business is expected to be profitable, for the first time, in the current fiscal year, said finance chief Maggie Wu during a virtual investor day event on Wednesday.

The company's fiscal year starts in April and ends on March 31, 2021.

Cloud computing has been one of the fastest-growing sectors of the company with revenue growth of 58.5% to $1.75 billion in the June quarter.

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