China's Alibaba Group Holding today beat Wall Street estimates for third-quarter revenue as its e-commerce operations benefited from consumers' shift to online shopping due to the COVID-19 pandemic.
The results are becoming known as China adopts measures to curb the business empire of Jack Ma, the founder of Alibaba, having even imposed the suspension of the listing of its subsidiary Ant Group. Ma resurfaced publicly again in January after a three-month absence, helping to ease investor concerns and boosting Alibaba's shares.
Alibaba's sales on Singles Day in November, the world's largest online shopping event that surpasses US Black Friday and Cyber Monday in terms of sales, totalled $74 billion.
Revenue rose 37% to 221.08 billion yuan ($34.24 billion) for the three months to December 31, above analysts' estimates of 214.38 billion yuan, according to IBES data from Refinitiv.
