But Chinese consumers stuck at home are still spending. E-commerce giant Alibaba reported better-than-expected earnings and sales for its most recent quarter Thursday. Alibaba BABA Shares ofwere up nearly 15% in late morning trading after the company reported that revenue rose 9% from a year ago, topping analysts' forecasts. Alibaba said the strength was due to solid online and mobile shopping demand as well as a 12% jump in sales from its massive Alibaba Cloud unit. Alibaba has more than 1.3 billion customers worldwide.

Source: CNN May 26, 2022 20:53 UTC