Alibaba beats quarterly revenue estimates
Revenue rose 37% to 221.08 billion yuan ($34.24 billion) in the three months ended 31 December, above estimates of 214.38 billion yuan, according IBES data from Refinitiv
Affiliate Ant Group Co, the other pillar of billionaire Jack Ma’s internet empire, was also summoned to a high-level meeting over financial regulations Photo: Collected
China's Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, as its e-commerce business benefited from a switch to online shopping triggered by the Covid-19 pandemic.
Revenue rose 37% to 221.08 billion yuan ($34.24 billion) in the three months ended Dec. 31, above estimates of 214.38 billion yuan, according IBES data from Refinitiv.
($1 = 6.4566 Chinese yuan renminbi)
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