Alibaba, Baidu beat estimates but COVID lockdowns continue to weigh heavily on China’s tech sector

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China’s COVID-19 lockdowns continue to weigh heavily on its tech sector. Alibaba posted earnings of $32 billion for the latest quarter, beating analyst expectations by about $1 billion. Meanwhile, Baidu posted a net loss of $131 million for the quarter ended March 31, but sales in its public cloud services jumped 45%.

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