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Alibaba Group's profit surges 69% on low costs, online shopping in pandemic

Its shares climbed more than 6% in pre-market New York trading. The online retailer reported net income of 46.8 billion yuan, easily surpassing the roughly 35 billion yuan average estimates

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
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The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China

By Jane Zhang | Bloomberg
Alibaba Group Holding Ltd.’s profit surged 69%, as China’s e-commerce leader kept a lid on costs and shoppers continued to spend online while the pandemic raged.
 
Its shares climbed more than 6% in pre-market New York trading. The online retailer reported net income of 46.8 billion yuan ($6.8 billion), easily surpassing the roughly 35 billion yuan average estimate. Revenue rose 2.1% to 247.76 billion yuan in the December quarter, just ahead of projections. 

The bottom-line gains partly reflect deep cost cuts at a company that once spent aggressively to grow its international and online services businesses. The company is now

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First Published: Feb 23 2023 | 6:52 PM IST

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