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, Trend reports with reference to Reuters.
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.