|13 February, 2020

Alibaba beats quarterly revenue estimates

Revenue rose to $23.12bln in the third quarter ended Dec. 31

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018. Image used for illustrative purpose.

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018. Image used for illustrative purpose.

REUTERS/Aly Song

China's Alibaba Group Holding Ltd reported a better-than-expected quarterly revenue on Thursday, as its core e-commerce and cloud computing businesses posted steady growth.

Revenue rose to 161.46 billion yuan ($23.12 billion) in the third quarter ended Dec. 31 from 117.28 billion yuan, a year earlier.

Analysts had expected revenue of 159.28 billion yuan, according to IBES data from Refinitiv.

($1 = 6.9829 Chinese yuan renminbi)

(Reporting by Akanksha Rana in Bengaluru and Josh Horwitz in Shanghai; Editing by Sriraj Kalluvila) ((akanksha.rana@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1130;))

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