Alibaba beats estimates as pandemic fuels online, cloud computing demand

Earnings

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.

Articles You May Like

Elon Musk, Vivek Ramaswamy call remote work a ‘Covid-era privilege.’ Economists say it’s here to stay
Ulta Beauty names new CEO, raises outlook for holiday quarter
Who Is Affected By The Social Security Fairness Act And What To Do Next
Hindenburg Research shorts Carvana, calling company’s turnaround a ‘mirage’
This 401(k) plan feature is a ‘green light to contribute aggressively,’ advisor says

Leave a Reply

Your email address will not be published. Required fields are marked *