(Bloomberg) -- Jack Ma’s diversification strategy is starting to pay off as revenue at Alibaba Group Holding Ltd. accelerates to the fastest since its record initial public offering.

Streaming entertainment and cloud computing bolstered a resilient e-commerce business, driving revenue up 59 percent in the June quarter, beating analyst estimates. The results drove the stock up as much as 6.2 percent to $92.77 in New York, the most in more than three months.

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