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Alibaba Group Holding Ltd (NYSE: BABA) beat Wall Street estimates on Thursday, but posted flat growth for the first time in its history.
The company’s US listed shares jumped as much as 6%.
Alibaba faced challenges in the quarter as economic activity halted in the country due to Covid-19 lockdowns.
In the first quarter, revenue of the company remained flat to 205.55 billion Chinese yuan (or $30.68 billion), compared to expectations of 203.19 billion yuan expected.
Net income was 22.73 billion yuan in the quarter, beating expectations of 18.72 billion yuan.
Picture Credits: Getty Images
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