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

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variety.com

Patrick Frater Asia Bureau ChiefAlibaba, 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.The company revealed a 34% surge in revenues and net profits between April and June, the first quarter of its new financial year, climbed by 28% to $5.59 billion.“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.

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