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.