Earnings
Alibaba beats quarterly revenue estimates
Exterior of Alibaba Group Beijing Headquarters on November 10, 2019 in Beijing, China.
VCG | Visual China Group | Getty Images
China’s Alibaba beat quarterly revenue estimates on Thursday as its core e-commerce business thrived due to people preferring to shop online for essentials, even as coronavirus-related restrictions eased.
Revenue rose to 153.75 billion yuan ($22.22 billion) in the quarter ended June 30 from 114.92 billion yuan, a year earlier.
Analysts had expected revenue of 147.77 billion yuan, according to IBES data from Refinitiv.
