China’s Alibaba Says Business Is Back to Normal, Quarterly Profits Hit $5.6 Billion

, Chinese e-commerce and entertainment giant, says that the worst of the economic fallout from the coronavirus is now behind it. Indeed, the health and economic crisis is accelerating digital transformation.

“Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59% year-over-year,” said group CEO Daniel Zhang. “Our strong profit growth and cash flow enable us to continue to strengthen our core business and invest for long term growth.”

Alibaba also said that Youku’s losses were reduced “mainly as a result of the decrease in content cost.” But it did not disclose further details.

Don't think so, they are having a third round of covid. Js

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