Alibaba Posts Flat Revenue Growth For the First Time

Alibaba has posted a flat revenue growth for the first time since becoming a public company, but investors don’t seem to be ruffled by this, as reported by CNN.

Shares of the Chinese tech and e-commerce giant jumped more than 6% in premarket trading in New York while its stock in Hong Kong had earlier closed up 5.2%.

The flat revenue comes despite the company reporting revenue of nearly 205.6 billion yuan (about $30.4 billion) in the quarter ended June, roughly in line with what it recorded the same time last year.

But that topped analysts forecasts, and net income was also better than expected, at 22.7 billion yuan ($3.4 billion).

Alibaba (BABA), which owns the hugely popular Taobao and Tmall online shopping platforms, was not immune from the economic pain of Covid-19 lockdowns across China earlier this year.

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