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00:00She has about it pop up searching after delivering better than expected results. The company's CEO expecting China's reopening to feel near-term growth. S. This whole Yvonne Man since expressed a strong desire to get back to business. We expect that this recovery will continue. Everything is now quickly getting back on track. Katie Greifeld was with more. Hi, Katie. Hey, John. Well, we're already seeing a recovery on the earnings front. If you look at profits, there was a big beat there. That measure search about sixty nine percent to about six point eight billion dollars. And of course, it's partly thanks to cost cutting measures. We got that in the form of layoffs last year to the tune of about 19000 jobs. Now, those were designed to boost, quote, high quality growth last year. And that continues to be the focus for Ali Baba. Their prior chart, prioritizing profitability rather than new business expansion. And today's rally, we're talking about about three and a half percent right now. It's helping to further rebuild Ali Baba's market cap now since October's low. Ali Baba has added about eighty four billion dollars back to its value, which currently clocks in at about two hundred and fifty billion dollars. And as you can see, that rebound is dwarfed by 10 cent, but still comfortably ahead of rivals such as Penn. Do a duo such as you can see by you there as well. And that's the case even with Ali Baba is relatively rough month again. We have shares up in a big way from October, up about 50 percent from that low. But that gain was about 90 percent at its peak. And it's worth noting that Ali Baba is still down about 10 percent over the last year John. So a bit of a hole there.

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Alibaba Profits Surge as China's Recovery Continues

Alibaba posted its first profit growth since 2020 as it reined in spending and cut jobs. Profits surged 69%/ Bloomberg's Katie Greifeld reports. (Source: Bloomberg)