Alibaba revenue up 30% as coronavirus drives demand for e-commerce

China’s biggest e-commerce firm Alibaba Group Holding on Thursday reported a 30 per cent jump in quarterly revenue, as China recovers from the virus and online shopping demand remains high.

Alibaba reported revenues of 155.1 billion yuan (USD 23.4 billion) for the three months ended September. Its profit was down 60 per cent to 28.8 billion yuan (USD 4.4 billion) compared to the same time last year, when it reported a one-time gain after it took a 33 per cent stake in its financial affiliate Ant Group.

The company saw its stock plunge nearly 10 per cent in Hong Kong on Wednesday, following a 8.1 per cent fall in New York on Tuesday, after Chinese regulators on Tuesday suspended the initial public offering of Ant Group on the Shanghai stock market just days before its trading debut.