Revenue increased 2% to 247.76 billion yuan ($35.92 billion) in the fiscal third quarter through December 31, compared with the Refinitiv consensus estimate of 245.18 billion yuan, made by 23 analysts.
Alibaba shares rose 2% on Wall Streetwhile Pinduoduo Inc and JD.com Inc advanced around 3%.
China’s total retail sales contracted 1.8% in December, while its economy grew 3% in all of 2022, one of its worst growth rates in nearly half a century.
Net profit attributable to ordinary shareholders rose 69% to 46.82 billion yuan, from 27.69 billion a year earlier.
Retail spending in China is expected to remain weak through the first part of the year, although analysts expect policy stimulus and an eventual release of consumer savings around spring.
Customer management revenue at Alibaba, which records payments from sellers and is the company’s biggest sales segment, fell 9% on-year. This key metric, which makes up the bulk of the firm’s total revenue, has plateaued.
Source: Ambito
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