Alibaba fourth-quarter revenue rises 2%

China's Alibaba Group Holding Ltd said on Thursday that fourth-quarter revenue climbed 2%, missing expectations. The 208.20 billion yuan ($30.12 billion) logged for the three months ended in March compares with a Refinitiv consensus estimate of 210.3 billion yuan drawn from 26 analysts.

Chinese consumer spending has gained some momentum since the country abandoned draconian zero-COVID policies late last year, but even so remains relatively muted amid a wobbly economic recovery. ($1 = 6.9121 Chinese yuan renminbi)