Alibaba returned to strong sales growth, boosting its shares in New York, but planned investment restrictions from Washington threaten to cloud the future of a key business line.
Second-quarter sales rose 14 per cent to Rmb234bn ($32.3bn), ahead of Wall Street expectations, compared with the same period a year ago when strict Covid-19 lockdowns paralysed much of the Chinese economy. The latest double-digit rise contrasted with recent quarters of sluggish growth.
Net profit rose 51 per cent year on year to Rmb34bn as the Hangzhou- based company stepped up its efforts to control costs, which included reducing the total headcount by 6,500 employees during the quarter.
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