(Reuters) – Alibaba Group Holding Ltd (BABA.N) on Friday reported forecast-beating fourth-quarter revenues and profits, as more people shopped online for essentials because of the coronavirus lockdowns.
FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China May 16, 2019. REUTERS/Jason Lee/File Photo
As people stayed indoors and brick-and-mortar stores remained shut during the health crisis, online orders surged, with the company’s core commerce business rising nearly 19% to 93.87 billion yuan ($13.16 billion) in the quarter.
Revenue at its cloud computing business rose about 58%.
Alibaba CFO Maggie Wu said the results contrasted with the company’s guidance from the previous quarter, when it had predicted a drop in revenue.
“I’m pleased to report we reported better than expected March quarter results,” she said.
With China’s economy starting up again much ahead of major economies in Europe and