(Reuters) -China's Alibaba Group Holding Ltd, on Thursday beat market expectations for revenue in the quarter ending late June, even though growth was flat for the first time ever due to the impact of COVID-19 lockdown.
The e-commerce giant's U.S.- listed shares rose 5% in trading before the bell.
China locked down dozens of cities between April and May as the infectious Omicron variant raged, with cities such as its largest and most cosmopolitan hub of Shanghai facing the harshest curbs that paralyzed intra and inter-city delivery.
In Shanghai, for instance, households for nearly the whole of April were unable to place orders from Taobao or Ele.me, Alibaba's e-commerce and food delivery sites, and instead relied on the government and roundabout channels for food and supplies. The delivery situation only slightly eased in May.
The lockdown lifted on June 1, just in time for China's annual June 18 shopping festival. However, the festival did little to boost overall business in the quarter.
"Following a relatively slow April and May, we saw signs of recovery across our businesses in June. Despite near-term challenges, Taobao and Tmall continue to achieve high consumer retention, especially among consumers with higher spending power," the company said.
Revenue stood at 205.56 billion yuan ($30.43 billion)in the quarter, compared to analysts' average expectation of 203.19 billion yuan, according to Refinitiv data.
Net income attributable to ordinary shareholders for the quarter ended June 30 was 22.74 billion yuan, compared to 45.14 billion yuan, a year earlier.
($1 = 6.7557 Chinese yuan renminbi)
(Reporting by Josh Horwitz and Tiyashi Datta in Bengaluru; Editing by Arun Koyyur)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app