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Chinese e-commerce giant Alibaba Group Holding reported better-than-expected quarterly earnings on strong domestic sales as people prefer online shopping even after the coronavirus lockdowns were removed.
Hangzhou-based Alibaba reported a 34 per cent growth in revenue to 153.7 billion yuan in the first quarter ended June 30, up from 114.9 billion yuan in the same period a year earlier. That was ahead of the 148 billion yuan consensus from analysts’ estimates compiled by Bloomberg.
Sales from Alibaba’s core commerce business jumped 34 per cent to 133.32 billion . . .
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