Alibaba's sales surge but cloud growth slows

Alibaba has reported earnings for the first time since China imposed a record fine on the tech giant — and the numbers were not as awful as some feared.

Alibaba (BABA) posted a loss of about $1.2 billion in the first quarter, mainly due to the $2.8 billion fine imposed on it by Beijing earlier this year. Excluding that, net income was up 18%, to $4 billion. Revenue grew at a healthy 64% clip from a year ago, to $28.6 billion. That topped analysts' forecasts and is another sign of the rebounding Chinese economy following last year's Covid-19 induced slump. Alibaba also said that it expected revenue for its next fiscal year would grow about 30% from fiscal 2021.