China’s Alibaba Group Holding Ltd (9988.HK), beat market expectations for revenue in the quarter ending late June; even though growth was flat for the first time ever due to the impact of COVID-19 lockdown.
The e-commerce giant’s U.S.- listed shares rose 5% in trading before the bell.
China locked down dozens of cities between April and May as the infectious Omicron variant raged, with cities such as its largest and most cosmopolitan hub of Shanghai facing the harshest curbs that paralyzed intra and inter-city delivery.
In Shanghai, for instance, households for nearly the whole of April were unable to place orders from Taobao or Ele.me, Alibaba’s e-commerce and food delivery sites, and instead relied on the government and roundabout channels for food and supplies. The delivery situation only slightly eased in May.