, up 14 per cent 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. Its US-listed shares rose by $4.36, or 4.6 per cent, to close at $99.21 in New York. The latest revenue figure represents an improvement from flat to 3 per cent growth in the past four quarters. 'Most investors had expected an OK quarter, but the magnitude of the outperformance, especially on the profit, likely exceeded most expectations,' Alicia){kind=link}
China’s Alibaba Group has reported its strongest quarterly revenue growth in almost two years as its domestic ecommerce unit focuses on low-cost products to attract customers.
The giant Chinese company posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14 per cent 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.
Its US-listed shares rose by $4.36, or 4.6 per cent, to close at $99.21 in New York. The latest revenue figure represents an improvement from flat to 3 per cent growth in the past four quarters.
“Most investors had expected an OK quarter, but the magnitude of the outperformance, especially on the profit, likely exceeded most expectations,” Alicia
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