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STORY: Alibaba has overcome any drag from China's slow-growing economy.

The e-commerce giant reported its strongest quarterly revenue growth in almost two years on Thursday (August 10).

It was boosted by a mid-year shopping festival that attracted bargain hunting consumers.

The 618 shopping festival in June was China's second-largest online shopping event.

Alibaba posted first-quarter revenue of close to $32.3 billion.

That was up 14% from the same quarter last year, when China was hit with health crisis restrictions.

The numbers also beat analyst estimates.

But fears have grown about China's economy, which has struggled after a quick recovery from the lockdowns.

Beijing reported it tipped into deflation in July at the consumer price level on Wednesday (August 9).

This was the last earnings announcement under Alibaba CEO and Chairman Daniel Zhang.

He will step down from the roles in September to focus on leading its cloud division.

This was also the first set of quarterly results for the company since it split its business into six units.