Alibaba reported earnings for its fiscal third quarter that smashed expectations, sending shares soaring 6% higher.
The reopening is not likely to be fully reflected in the quarter, as it took place in December.
Amid a slowdown in its China activity, Alibaba has sought growth in overseas markets through its South East Asia business Lazada and through global e-commerce site AliExpress. International commerce revenue grew 18% year-on-year to 19.47 billion Chinese yuan. Those efforts look to be paying off with a 69% year-on-year jump in net income. The company's operating margin stood at 14% in the December quarter, higher than the 3% reported in the same period of last year.
Alibaba's employee headcount at the end of the December quarter stood at 239,740, a reduction of more than 4,000 from the quarter before.Alibaba reported cloud revenue of 20.18 billion Chinese yuan in the fiscal third quarter, up 3% year-on-year. This marked a slowdown from the 4% revenue rise seen in the previous quarter and remains far off the more-than 30% growth rates seen in the past.
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