Chinese consumers locked up at home, but still spending, says Alibaba

Chinese consumers locked up at home, but still spending, says Alibaba

China's economy slumped due to rising cases of covid-19, but Chinese consumers stuck at home are still spending.

Chinese consumers are stuck at home but still spending a ton, Alibaba says - Local News 8

By Paul R. La Monica, CNN BusinessChina’s economy has slumped as Covid cases surged in the world’s most populous country. But Chinese consumers stuck at home are still spending.E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday.Shares of Alibaba were up nearly 15% in late morning trading after the company reported that revenue rose 9% from a year ago, topping analysts’ forecasts. Alibab…

Chinese consumers are stuck at home but still spending a ton, Alibaba says

By Paul R. La Monica, CNN BusinessChina’s economy has slumped as Covid cases surged in the world’s most populous country. But Chinese consumers stuck at home are still spending.E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday.Shares of Alibaba were up more than 10% in early trading after the company reported that revenue rose 9% from a year ago, topping analysts’ forecasts. Alibaba sa…