Alibaba Stock Jumps After Earnings Beat. Chinese Lockdowns Still Weighed.

Alibaba


reported better-than-expected earnings in the final three months of 2022, though anemic revenue growth underscored just how much lingering Covid-19 lockdowns weighed on the Chinese tech company.

Alibaba


(ticker: BABA) reported earnings of $2.60 per American Depositary Receipt—referring to the company’s U.S.-listed stock—on sales of $35.9 billion, up 2% on an annual basis, in the December quarter. Earnings were firmly above analysts’ expectations of profit of $2.43 a share, with sales roughly in line with estimates.