Alibaba Group Holding Ltd reported better-than-expected quarterly revenue on Thursday, as the Chinese e-commerce giant benefited from the country easing COVID-19 curbs.
Retail spending in China is expected to remain weak for the first part of the year, though analysts expect that stimulus policies and eventual release of consumer savingsAlibaba's customer management revenue, which tracks payments from vendors and is the company's largest sales segment, fell 9% year on year.
The key metric, which makes up the bulk of Alibaba's total revenue, has been stalling. On top of a sluggish economy, the company is also looking upward from a regulatory crackdown that began in late 2020. Founder Jack Ma, who has receded from the public spotlight since the start of the crackdown, has been spending much of his time outside China in places such as Japan and Australia, according to media reports.of Ant Group, the fintech affiliate of Alibaba and a key target for Beijing regulators.
Ant, which is 33% owned by Alibaba, logged a profit of 3.05 billion yuan for the quarter ending in late September, down 82.7% year on year. Alibaba reports its profit from Ant Group one quarter in arrears. Chinese authorities, who have been seeking to restore private sector confidence and spur economic activity, have said that they will step up support for private firms and
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