Alibaba Group Holding Ltd. posted its fastest pace of revenue growth in more than a year, reflecting a turnaround in its commerce business and big strides into the critical field of AI.

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.

Chinese e-commerce giant Alibaba highlighted its AI ambitions as it reported strong results for its third quarter, fueling hopes that it will become a leader in AI.