By
Reuters API
Reuters API
Published
Aug 11, 2023
Aug 11, 2023
Alibaba beats quarterly revenue estimates
By
Reuters API
Reuters API
Published
Aug 11, 2023
Aug 11, 2023
China's Alibaba Group Holding reported Q1 revenue that beat analysts' estimates as consumer sentiment bounced back from the same time a year earlier when there were strict pandemic-related lockdowns.
The company's US-listed shares rose nearly 4% in trading before the market opened on the day the results were released.
Consumer purchases on Alibaba's Taobao and Tmall marketplaces bounced back, helped in part by the 618 shopping festival, a key shopping event in China, in June.
Alibaba posted revenue of 234.16 billion yuan ($32.29 billion) in the quarter, compared with analysts' estimates of 224.92 billion yuan, according to Refinitiv data.
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