× Startups Business News Education Health Finance Technology Opinion Wealth Rankings Politics Leadership Sport Travels Careers Design Environment Energy Luxury Retail Lifestyle Automotives Photography International Press Release Article Entertainment
×

THE METRO BUSINESS

Top Story
U.S. Economy Contracts In First Quarter As GDP Fell 1.6 Percent
U.S. Economy Contracts In First Quarter As GDP Fell 1.6 Percent
The Pros And Cons Of Single-Gender Schools
The Pros And Cons Of Single-Gender Schools
Ukraine War: Johnson Says If Putin Were A Woman He Would Not Have Invaded
Ukraine War: Johnson Says If Putin Were A Woman He Would Not Have Invaded
Tesla Is Cutting About 200 Autopilot Jobs And Closing Office In San Mateo, California
Tesla Is Cutting About 200 Autopilot Jobs And Closing Office In San Mateo, California

May 26, 2022

China's Alibaba Group Holding Ltd, on Thursday beat market expectations for fourth-quarter revenue, powered by demand for its ecommerce and cloud services as lockdowns in the country's biggest cities forced offices to shift to remote work.

U.S-listed Alibaba shares, which have lost roughly a third of their value so far this year, were up about 2% in premarket trading.

The e-commerce giant's strong results come as Beijing extends support to its tech companies to avoid a hit from new COVID-19 outbreaks.
 
Demand for online services ranging from shopping to cloud-based products has skyrocketed in China as strict lockdowns prompt people to work, shop and keep themselves entertained from homes.

Revenue in the cloud computing division rose 12% to 18.97 billion yuan in the reported quarter. At the core commerce unit, its largest, revenue rose 8% to 140.33 billion yuan.

Overall, revenue rose 9% to 204.05 billion yuan ($30.35 billion) in the quarter. Analysts on average had expected revenue of 199.25 billion yuan, according to Refinitiv data.

















































Source: Reuters
Image Source: Alibaba Group

Top Stories

Startups

European Markets Pull Back As Investors Weigh Up The Economic Outlook
European Markets Pull Back As Investors Weigh Up The Economic Outlook

Startups

Europe’s Plans To Replace Russian Gas Are Deemed ‘Wildly Optimistic’
Europe’s Plans To Replace Russian Gas Are Deemed ‘Wildly Optimistic’

Startups

These Are The Most Expensive Places To Work Abroad In 2022
These Are The Most Expensive Places To Work Abroad In 2022

Startups

Treasury Yields Fall As Traders Track Economic Data, Fed Remarks
Treasury Yields Fall As Traders Track Economic Data, Fed Remarks

Related Posts

Jack Ma Crackdown Casts a Chill on China’s Tech Entrepreneurs

Startups

Jack Ma Crackdown Casts a Chill on China’s Tech Entrepreneurs

March 9, 2021
Alibaba Chairman Daniel Zhang Does This One Thing Each Year To Measure His Success

Startups

Alibaba Chairman Daniel Zhang Does This One Thing Each Year To Measure His Success

November 11, 2021
10 Online Business Ideas That You Can Start Right Away

Startups

10 Online Business Ideas That You Can Start Right Away

January 18, 2022
The Sad End Of Jack Ma Inc.

Startups

The Sad End Of Jack Ma Inc.

June 9, 2021

Courses you might like

Professional Certificate in Understanding The Global Business Landscape
Professional Certificate in Understanding The Global Business Landscape

This course enables the learner to explore and analyse the global landscape a business is operating in.

2 Weeks

3 hours per week

GBP 33

Online

Professional Certificate in Understanding Organisational Strategic Change Management
Professional Certificate in Understanding Organisational Strategic Change Management

The course aims to equip the learner with the change management landscape in an organization.

2 Weeks

3 hours per week

GBP 29

Online

Professional Certificate in Introduction to Money Laundering Concepts, Methods And Impact
Professional Certificate in Introduction to Money Laundering Concepts, Methods And Impact

Professional certificate course on the concept, stages and mechanisms of money laundering.

2 Weeks

3 hours per week

GBP 28

Online