Alibaba’s income jumps in the 1st quarter of 2020

In the quarter ending in March 2020, Alibaba’s sales grew by 22% to 114.31 billion yuan (US$16 billion). These figures are driven by very dynamic categories (food and fresh produce), the cloud data computing business (+58%), digital media revenues and the sale of services to third-party resellers on the platform. Over the period, however, net profit fell by 88% to US$447 million as the pandemic reduced Alibaba’s share price.