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Alibaba's quarterly revenue beats despite China's sputtering economy

August 10, 2023
Source: reuters.com reuters.com
News Snapshot:
Shopping trolley is seen in front of Alibaba logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Aug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figure beat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. The company's U.S.-listed shares rose nearly...
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