Chinese e-commerce giant Alibaba Group (NYSE: BABA) reported a 22% increase in its revenue for the fourth quarter of 2020 backed by solid performance of its domestic retail businesses as well as robust cloud computing revenue growth. This is despite a challenging quarter due to reduced economic activities in light of the COVID-19 pandemic in China.
The pandemic has fundamentally altered consumer behavior and enterprise operations, making digital adoption and transformation a necessity. Although the pandemic negatively impacted most of the domestic core commerce businesses starting in late January, the company has seen a steady recovery since March.
Based on the current view of Chinese domestic consumption and enterprise digitization, the company expects to generate over RMB650 billion in revenue in fiscal 2021.
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