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China tech

As Trump ban looms, Alibaba bounces back to pre-COVID form

But China's e-commerce rivals in hot pursuit

Alibaba Group Holding's headquarters in Hangzhou, China.   © Reuters

NEW YORK/HONG KONG -- Chinese conglomerate Alibaba Group Holding on Thursday reported a better-than-expected quarter with a strong rebound from coronavirus impacts, easing anxieties about the mounting pressure it faces from both domestic rivals and Washington.

Alibaba, which is listed in New York and Hong Kong, reported a revenue of 153.6 billion yuan ($21.7 billion) for the April-June quarter -- a 34% jump on the year -- topping the consensus of 147.77 billion yuan as polled by Refinitiv. Net profit was 47.59 billion yuan, ahead of estimates of 36.04 billion yuan.

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