PDD - Alibaba surges to lead broad gains among Chinese tech stocks

Alibaba (NYSE:BABA) shares climbed more than 13%, Thursday, after the Chinese Internet giant reported better-than-expected quarterly results as business got a lift from Covid-related lockdowns in China. Prior to U.S. stock markets opening, Alibaba (BABA) reported a first-quarter profit equivalent to $1.55 a share, on revenue of $32.2B. Wall Street analysts had forecast Alibaba (BABA) to earn $1.07 a share, on $29.9B in revenue. Alibaba's (BABA) upbeat report was seen as a sign that the company's business was weathering the recent slate of widespread lockdowns in Shanghai and other cities in China that government officials that were enacted to stem a rise in Covid cases in the country. Alibaba (BABA) wasn't alone with big stock gains. Baidu (BIDU) shares rocketed up by almost 13% after it said strong cloud and offline marketing sales helped it report better-than-expected quarterly results.  Among other leading Chinese tech stocks, Weibo (WB) shares rose 3.7%, Tencent Holdings

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Alibaba surges to lead broad gains among Chinese tech stocks