Alibaba revenue soars 34% in June quarter, but is leery of possible US clamp down
This is close to sales growth before the Covid-19 lockdowns, but Alibaba CEO is keeping a close eye on ‘very fluid’ US policies towards China
20 August 2020 - 18:23
Hong Kong — Alibaba Group Holding’s revenue growth has returned to levels not seen since the pandemic, fueling hopes of a Chinese economic recovery despite worsening US relations.
China’s most valuable corporation reported better-than-expected 34% sales growth in the June quarter, a shade off the 38% it managed in the December quarter before Covid-19 shut down swathes of the country. That underscored how the e-commerce giant is riding a pick-up in consumer spending in a country among the first to recover. But CEO Daniel Zhang said it will keep a close eye on “very fluid” US policies towards China...
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