On Friday, Alibaba Group Holding Ltd (BABA.N) reported forecast-beating fourth-quarter revenues and profits, as more people shopped online for essentials because of the coronavirus lockdowns, Report informs, citing Reuters.
The revenue rose to 114.31 billion yuan ($16.02 billion) in the quarter and ended March 31, from about 93.50 billion yuan a year earlier.
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% to 93.87 billion yuan ($13.16 billion) in the quarter.
With China's economy starting up again much ahead of major economies in Europe and the United States, the e-commerce group said it expected to generate more than 650 billion yuan in revenue in fiscal 2021.