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Alibaba beats estimates for quarterly revenue -Breaking


© Reuters. FILEPHOTO: This is the logo of Alibaba Group, seen at their Beijing office. January 5, 2021. REUTERS/Thomas Peter

(Reuters) – China’s Alibaba (NYSE: Group Holding Ltd.) Thursday’s fourth quarter revenues beat all market estimates. The demand for its ecommerce products and cloud services powered Group Holding Ltd. As a result of lockdowns in major cities, offices had to switch to remote work.

In the third quarter, revenue rose 9.9% to 204.05 Billion Yuan ($30.35Billion). Based on Refinitiv data, analysts expected to earn 199.25 Billion Yuan.

($1 = 6.7240 renminbi)