Shares of Alibaba Group ( BABA 9.56%) are flying higher on Thursday. The company's stock gained 10.4% as of 10:24 a.m. ET. The gain comes as the S&P 500 ( ^GSPC -0.85%) lost 0.8% and the Nasdaq Composite ( ^IXIC -0.91%) lost 1.1%.

Shares of Alibaba Group listed in the U.S. are jumping in premarket trading Thursday after the Chinese tech and e-commerce giant reported quarterly results that beat estimates.

The e-commerce company said last week that it would partner with Apple in China to support iPhone AI services.

For the three months ended Dec. 31, the Chinese tech giant's revenue jumped 8 percent year-over-year to 280.1 billion renminbi, or $38.3 billion, beating analyst expectations.

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.

China's Alibaba Group Holding on Thursday topped Wall Street expectations for third-quarter revenue, on strong year-end shopping sales and the success of its strategy to attract cost-conscious consumers.