On Friday, Alibaba reported fourth-quarter revenues that bean analyst predictions and profits as more customers were shopping online owing to the coronavirus lockdowns for necessities.
As people continue to be stuck in the coronavirus lockdown, online orders rose, with the core commerce business of the company rising almost 19 percent to 93.87 billion Yuan ($13.16 billion) in the quarter.
Cloud computing sales grew by approximately 58%.
Maggie Wu, the Central Financial officer of Alibaba, said the results contrasted with the company’s guidance from the previous quarter when it had predicted a drop in revenue.
Maggie Wu said in a statement:
“I’m pleased to report we reported better than expected March quarter results,”
Alibaba has been growing into new companies and technologies to cope with intensified online retail rivalry from smaller competitors.
Overall sales for Alibaba rose to 114.31 billion yuan ($16.02 billion) in the quarter ended March 31, from about 93.50 billion yuan from a year earlier.
Experts had anticipated revenue of 107.04 billion yuan, according to Refinitiv IBES data.
The Panthera Post 