The shares of Alibaba The stock rose 3% Thursday in pre-open trades following a strong fourth quarter beat driven by strong cloud and e-commerce demand. This is despite COVID lockdowns affecting parts of China.

Year-over-year, revenue increased 9% to $32.19Billion (RMB204052 Million) in quarter compared to the consensus estimate which was $29.64B. The year’s revenue increased 19%.

The quarter saw a 12% increase in revenue for the Cloud segment, and a 8% rise in China commerce revenues.

Non-GAAP earnings per ADS were $1.25, which beat the Wall Street consensus at $1.10.

Record RMB8,317 trillion in worldwide GMV was posted by the company for this year.

Daniel Zhang, CEO of China’s company, stated that despite weaker consumer sentiment and supply chain problems they had seen operational improvement in strategic areas.