(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%.