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Alibaba beats estimates as pandemic fuels online, cloud computing demand

China president pandemic Government Coronavirus
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Alibaba Group Holding Ltd beat quarterly revenue and profit estimates on Thursday, as its core commerce and cloud computing businesses continued to grow following China's emergence from the coronavirus lockdown.Sales from the commerce business alone jumped 34% to 133.32 billion yuan ($19.27 billion) in the quarter ending in June, slightly slower than a year earlier but still enough to prod its shares higher after the results.The company's stock has soared 23% this year as investors globally poured money into technology businesses seen as "stay-at-home" winners from the pandemic, and Alibaba said it had bounced back from a hit to Chinese consumer spending at the start of this year."Our domestic core commerce business has fully recovered to.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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