Alibaba Takes Step Toward Comeback as Growth Finally Returns
- Core e-commerce returned to growth for first time in a year
- Alibaba is trying to revive its business in a volatile economy
The Alibaba Group Holding Ltd. offices in Beijing.
Source: Bloomberg
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Alibaba Group Holding Ltd. returned to growth across all its main divisions, defying China’s economic turbulence to take a first step toward a long-awaited comeback after more than a year of malaise.
China’s online shopping leader, a proxy for the country’s consumer demand, reported a better-than-expected 14% rise in revenue during a quarter when the world’s No. 2 economy struggled to gain momentum after years of Covid Zero restrictions. Its shares rose as much as 3.9% in Hong Kong.