Alibaba beats quarterly revenue estimates

(Reuters) 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)

Source: Reuters; Reporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila