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Alibaba’s Sales Beat Eases Fears of Covid’s Economic Fallout

(Bloomberg) — Alibaba Group Holding Ltd.’s quarterly revenue rose a better-than-expected 9%, reassuring investors trying to come to grips with the economic cost of sweeping lockdowns in China intended to eradicate Covid-19.

But China’s e-commerce leader also refrained from offering its usual outlook for the year, underscoring the unpredictable impact of a “zero-Covid” policy that’s already thrown the country’s supply chains into disarray and hammered consumer sentiment.

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