(Bloomberg) — Alibaba Group Holding Ltd.’s quarterly revenue grew a better than expected 34%, signaling that Chinese consumer sentiment is recovering at a rapid clip from its Covid-19 trough.China’s most valuable corporation reported sales of 153.8 billion yuan ($22.2 billion) and net income of 47.6 billion yuan in the June quarter, both surpassing projections. Ant Group, Alibaba’s 33%-owned financial affiliate, grew profit roughly six-fold to $1.3 billion in the March quarter, offering a glimpse into its books in the run-up to a mega initial public offering in Hong Kong and mainland China.Alibaba’s online marketplaces and logistics network is bouncing back …read more
Source:: Yahoo Finance
