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Alibaba’s sales surge as people shop online during lockdown

(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

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Alibaba revenue, profit beat as online sales surge during lockdown

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

(Reuters) – China’s Alibaba Group Holding Ltd (BABA.N) reported better-than-expected quarterly revenue and profit on Friday, as the COVID-19 lockdowns drove more people to shop online for essentials.

The health crisis forced people to stay indoors and brick-and-mortar remained shut, resulting in a surge in demand for online orders.

Sales from the company’s core commerce business rose nearly 19% to 93.87 billion yuan ($13.16 billion) in the fourth quarter and revenue at its cloud computing business surged about 58%.

The e-commerce giant said it expects to generate over 650 billion yuan in revenue in fiscal 2021.

Overall revenue rose to 114.31 billion yuan ($16.02 billion) in the fourth quarter ended March 31 from about 93.50 billion yuan a year earlier.

Analysts had

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Logitech sales surge as locked-down families, workers stay connected

(Reuters) – Logitech International (LOGN.S) reported a big jump in sales of computer products during its fourth quarter on Tuesday as more people worked from home and families turned to technology to keep in touch during the coronavirus crisis.

FILE PHOTO: Chief Executive Officer Bracken Darrell of the computer peripherals maker Logitech addresses a news conference in Zurich, Switzerland March 6, 2019. REUTERS/Arnd Wiegmann

Demand for video collaboration products boomed during the three months to the end of March as schools and offices shut down to prevent the spread of the virus, with locked-down staff relying on video conferencing equipment, software and webcams.

Families also connected via video conferencing as lockdown restrictions prevented them from seeing loved ones during the pandemic.

“As people shelter and self-isolate from each other physically, you need some way to get an emotional connection, and video is the way to do that,” Chief

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Logitech sales surge as working from home boosts demand

(Reuters) – Logitech International (LOGN.S) reported a 13.6% rise in quarterly sales on Tuesday as more people used its computer products while working from home due to the coronavirus crisis.

FILE PHOTO: Chief Executive Officer Bracken Darrell of the computer peripherals maker Logitech addresses a news conference in Zurich, Switzerland March 6, 2019. REUTERS/Arnd Wiegmann

Logitech said demand accelerated in the three months to the end of March as schools and offices shut down to prevent the spread of the disease and their staff started using its video conferencing equipment, software and webcams.

The rise in remote working – teachers giving lessons via video link and doctors giving virtual consultations – contributed to an increase in sales in the company’s fiscal fourth quarter to $709.2 million from $624.3 million a year earlier.

“Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our

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