© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter
(Reuters) – China’s Alibaba (NYSE:) Group Holding Ltd on Thursday beat market expectations for fourth-quarter revenue, powered by demand for its ecommerce and cloud services as lockdowns in the country’s biggest cities forced offices to shift to remote work.
Revenue rose 9% to 204.05 billion yuan ($30.35 billion) in the quarter. Analysts on an average had expected revenue of 199.25 billion yuan, according to Refinitiv data.
($1 = 6.7240 renminbi)
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