Alibaba Group Holding Ltd reported better-than-expected quarterly revenue on Thursday, as the Chinese e-commerce giant benefited from the country easing Covid-19 curbs.

The company has weathered a weak economy in China, which only last December lifted its zero-Covid policy after three years.

Revenue rose 2 percent to 247.76 billion yuan ($35.92 billion) for the three months ended Dec. 31, compared with a Refinitiv consensus estimate of 245.18 billion yuan drawn from 23 analysts.

China’s total retail sales contracted 1.8 percent in December, while its economy grew 3% in the full year 2022, one of its worst growth rates in nearly half a century.

Net income attributable to ordinary shareholders was 46.82 billion yuan, up from 27.69 billion yuan in the same quarter one year ago.

By Eva Mathews and Josh Horwitz; Editor: Sriraj Kalluvila

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