Alibaba’s fourth-quarter 2022 revenue topped analysts’ estimates, with the Chinese giant benefiting from the lifting of pandemic restrictions.
Alibaba’s total revenue was 247.76 billion yuan ($35.92 billion), up 2% from the same period in 2021. Analysts polled by Refinitiv had expected revenue of 245.18 billion yuan.
Profits distributed to shareholders reached 46.821 billion yuan compared to 27.69 billion yuan in the fourth quarter of 2021, up 69% year-on-year. Alibaba’s total retail sales in China fell 1.8% for December.
After the results were announced, Alibaba’s stock on the US stock market rose 4% ahead of the opening session on Wall Street.
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