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Alibaba quarterly revenue more than expected

Alibaba quarterly revenue more than expected

Mubasher: China's Alibaba Group Holding Ltd beat estimates for quarterly revenue, as its core e-commerce business continued to rise following China's emergence from the coronavirus lockdown, Reuters reported on Thursday.

The company’s US-listed shares, which have added about 39% this year, fell by about 2% in trading before the bell.

The results follow China's surprise suspension of Alibaba affiliate Ant Group's record $37 billion listing at Shanghai stock exchange on Tuesday.

Sales from Alibaba’s core e-commerce business grew by 29% to ¥130.92 billion in this year’s third quarter.

Net income dropped by 63% to ¥26.52 billion, as the company had booked a one-time gain last year from its 33% equity interest in Ant Group.

Revenue increased by 30% to ¥155.06 billion in the quarter ended 30 September, compared to estimates of ¥154.74, according to IBES data from Refinitiv.