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