As stay-at-home orders pushed consumers to shop for essentials online, and physical stores remained closed, Alibaba’s core business seen a 19% increase in revenue or 93.87 billion yuan ($13.15 billion) in Q4 revenue.
Its cloud computing business also jumped 58%. According to the Zacks Consensus Estimate, this is a 41% increase from its reported figure of 16.4% a year ago.
The e-commerce giant forecasted revenue of 650 billion yuan ($91.09 billion) in fiscal 2021.
Alibaba’s total revenue for Q4 that ended in March, rose to 114.31 billion yuan ($16.02 billion), an increase of 20.81 billion yuan from the previous year.
Analysts’ expectations capped Alibaba’s revenue to 107.04 billion yuan.
According to Refinitiv data, Alibaba earned 9.20 yuan per American Depository Share, which is higher from analysts’ 6.10 yuan per ADS expectation.