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Technology

Alibaba Revenue, Profit Beat Estimates As Online Sales Surge During Lockdown

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit, 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 (€12.1 billion) in the fourth quarter and revenue at its cloud computing business surged about 58%.

Outlook

The e-commerce giant said it expects to generate over 650 billion yuan in revenue in fiscal 2021.

Overall revenue rose to 114.31 billion yuan (€14.7 billion) in the fourth quarter ended 31 March from about 93.50 billion yuan (€12.02 billion) a year earlier.

Analysts had expected revenue of 107.04 billion yuan (€13.76 billion), according to IBES data from Refinitiv.

Excluding items, the company earned 9.20 yuan per American Depository Share (ADS). Analysts were expecting 6.10 yuan per ADS, according to Refinitiv data.

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