Alibaba posts better-than-expected earnings for March quarter, 2021 sales seen top $90 billion

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Alibaba Group Holding said it expects revenue for its 2021 financial year to reach more than 650 billion yuan (US$91.1 billion), as China’s domestic consumption recovers from the coronavirus pandemic and more enterprises adopt digital operations.

The e-commerce giant reported a 22 per cent growth in revenue the quarter ended the March, receiving a boost from more people shopping online amid the lockdowns across China and greater demand from businesses for its cloud computing services.

“Despite the impact of the Covid-19 pandemic, Alibaba achieved the historical milestone of US$1 . . .

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