Alibaba Beats Estimates for Quarterly Revenue

Reuters2022-05-26

China's Alibaba Group Holding Ltd on Thursday beat market expectations for fourth-quarter revenue, powered by demand for its ecommerce and cloud services as lockdowns in the country's biggest cities forced offices to shift to remote work.

Alibaba shares jumped in trading Thursday.

The e-commerce giant's strong results come as Beijing extends support to its tech companies to avoid a hit from new COVID-19 outbreaks.

Demand for online services ranging from shopping to cloud-based products has skyrocketed in China as strict lockdowns prompt people to work, shop and keep themselves entertained from homes.

Revenue in the cloud computing division rose 12% to 18.97 billion yuan in the reported quarter. At the core commerce unit, its largest, revenue rose 8% to 140.33 billion yuan.

Overall, revenue rose 9% to 204.05 billion yuan ($30.35 billion) in the quarter. Analysts on average had expected revenue of 199.25 billion yuan, according to Refinitiv data.

Alibaba Group said it would not give a forecast for the current fiscal year due to COVID-19 risks.

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Comments

Garry Singh
2022-05-27
Garry Singh
Congratulations to those people who believed in BABA
Hkh
2022-05-27
Hkh
Ok
Hkh
2022-05-27
Hkh
Ok
tradelaggard
2022-05-26
tradelaggard
Go
ClickLike
2022-05-26
ClickLike
Buy buy buy
Ong2021
2022-05-26
Ong2021
Ok

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