Internet giant Alibaba Group Holding’s core e-commerce business continued to grow in the last quarter, as China recovers from the coronavirus economic crisis, though the company reported another operating loss in its closely watched cloud-computing division.
Group revenue rose 30% to 155.1 billion yuan ($22.8 billion) in the three months to Sept. 30, beating analysts’ estimates. Alibaba’s U.S.-listed shares (ticker: BABA) fell 3.9% in premarket trading on Thursday.
The back story. E-commerce companies have been one of the coronavirus pandemic’s business success stories, and Alibaba, based in Hangzhou and listed in New York and Hong Kong, is no different.