Quarterly earnings for the Alibaba Group were better than expected, as increased demand for some of China’s specialist online services offset the low key market activity caused by coronavirus restrictions in the country.
Alibaba shares in the US, which have lost a third of their value so far this year, rose 5% in pre-conference trading.
Revenue at Alibaba’s cloud computing unit rose 12% to 18.97 billion yuan, while revenue at its largest home business rose 8% to 140.33 billion yuan.
The company said, however, that it would not issue forecasts for the new year, citing risks and uncertainties regarding the pandemic.
Overall, Alibaba’s revenue rose 9% to 204.05 billion yuan ($ 30.35 billion) in the quarter. Analysts expected revenue of 199.25 billion yuan.
Net income for shareholders fell 59% to 61.96 billion yuan in the fourth quarter ended March 31, mainly due to losses related to its investments in listed companies.
Source: Capital
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