Alibaba beats quarterly revenue estimates
BABA•Revenue tops estimates on cloud and e-commerce strength
Alibaba, China’s 9988.HK / BABA.N, topped Wall Street estimates for quarterly revenue on Thursday, as strong demand for AI services fueled growth in its cloud business, while an extended “618” shopping festival boosted its core e-commerce unit.
The company reported a 9% rise in revenue to 268.95 billion yuan ($40.02 billion) in the first quarter, compared with analysts’ average estimate of 268.88 billion yuan, according to data compiled by LSEG.
