Alibaba’s sales surge as people shop online during lockdown

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(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

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Alibaba revenue, profit beat as online sales surge during lockdown

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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

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Best Buy revenue, profit beat estimates as online sales surge

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FILE PHOTO: People wait for purchases outside of a Best Buy store due to the outbreak of coronavirus disease (COVID-19) in Arlington, Virginia, U.S. April 10, 2020. REUTERS/Joshua Roberts/File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) – Best Buy Co Inc’s (BBY.N) quarterly revenue and profit topped analysts’ estimates on Thursday due to a surge in online sales of electronics needed for consumers to work from home.

The electronics retailer was forced to shutter stores across the country for weeks to help contain the spread of the coronavirus, but outlets continued to provide curbside delivery for online sales that

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Target’s online sales surge eases coronavirus pain

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(Reuters) – A surge in Target Corp’s (TGT.N) online sales due to panic buying during the coronavirus crisis helped the big-box retailer post better-than-expected quarterly results on Wednesday, even as it grappled with soaring operational costs.

Target, like Walmart (WMT.N), benefited from customers stockpiling staples and cleaning products at the start of the quarter, while demand for non-staple items like beauty products, home goods and clothes rose as stimulus checks arrived late in April.

Although U.S. grocers and supermarket chains have seen a monumental surge in sales during the quarter, they have little to show in

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