(Reuters) – Alibaba (NYSE:) Group Holding Ltd reported better-than-expected quarterly income on Thursday, because the Chinese language e-commerce big benefited from the nation easing COVID-19 curbs.

The corporate has weathered a weak economic system in China, which solely final December lifted its zero-Covid coverage after three years.

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

China’s complete retail gross sales contracted 1.8% in December, whereas its economic system grew 3% within the full 12 months 2022, one in every of its worst development charges in almost half a century.

Internet revenue attributable to unusual shareholders was 46.82 billion yuan, up from 27.69 billion yuan in the identical quarter one 12 months in the past.

($1 = 6.8985 renminbi)