Alibaba shares pop as revenue beats expectations

(CNN Business) Alibaba just posted flat revenue growth for the first time since becoming a public company, but investors don't seem to mind.
Shares of the Chinese tech and e-commerce giant jumped more than 6% in premarket trading in New York on Thursday.
Its stock in Hong Kong had earlier closed up 5.2%.
The pop came despite the company reporting revenue of nearly 205.6 billion yuan (about $30.4 billion) in the quarter ended June, roughly in line with what it recorded the same time last year.
But that topped analysts forecasts, and net income was also better than expected, at 22.7 billion yuan ($3.4 billion).
Alibaba BABA , which owns the hugely popular Taobao and Tmall online shopping platforms, was not immune from the economic pain of Covid-19 lockdowns across China earlier this year.
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