Alibaba Revenue Up 30% as Virus Drives Demand for E-Commerce

China’s biggest e-commerce firm Alibaba Group Holding on Thursday reported a 30% jump in quarterly revenue, as China recovers from the virus and online shopping demand remains high.

Alibaba reported revenues of 155.1 billion yuan ($23.4 billion) for the three months ended September. Its profit was down 60% to 28.8 billion yuan ($4.4 billion) compared to the same time last year, when it reported a one-time gain after it took a 33% stake in its financial affiliate Ant Group.

The company saw its stock plunge nearly 10% in Hong Kong on Wednesday, following a 8.1% fall in New York on Tuesday, after Chinese regulators on Tuesday suspended the initial public offering of Ant Group on the Shanghai stock market just days before its trading debut.