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Alibaba revenue, profit beat as online sales surge during lockdown

May 22, 2020 | 🚀 Fathership
REUTERS: China's Alibaba Group Holding Ltd on Friday reported fourth-quarter revenue and profit that topped market expectations, as the COVID-19 lockdowns drove more people to shop online for essentials.

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 per cent to 93.87 billion yuan in the quarter.

Last week, JD.com forecast second-quarter revenue above analysts' estimates after an upbeat quarter, riding on a surge in online orders for groceries and daily goods.

Alibaba's overall revenue rose to 114.31 billion yuan in the quarter ended Mar 31 from about 93.50 billion yuan a year earlier.

Analysts had expected revenue of 107.04 billion yuan, according to IBES data from Refinitiv.