Alibaba Posts First Growth Since 2020
Feb 23, 2023 By MarketDepth
Alibaba Group Holdings (BABA:NYQ) posts a 69% profit as the company continues to streamline coming out of the pandemic. The company has focused on deep cuts to the company and refocusing its business model to compete with the growing competition in the industry.
Reported revenue is up to $6.8 Billion which rocketed past estimates as revenue rose 2.1%. The company is navigating difficult economic conditions as the world enters a post-pandemic world, but thanks to China removing covid restrictions growth is starting to return. The company is in heated competition with JD and PDD as they fight for market share.
Alibaba Group Holdings is down 2% intraday and about 20% in the last year. If the company can continue a sustained growth and beat the competition they should be poised for continued growth.