Alibaba profits surge as customer numbers jump during lockdown

Alibaba faces legal action over counterfeit goods

Alibaba has smashed quarterly profit predictions as online sales surged during lockdown and demand for its cloud computing services soared.

The Chinese ecommerce titan posted a 30% spike in EBITDA to RMB51bn (£5.4bn) during the three months to June 30. 

Total revenues across the group swelled 34% to RMB153bn (£16.4bn), driven by a huge increase in the number of customers purchasing products from its retail marketplaces during the coronavirus crisis.

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