Alibaba beats quarterly revenue estimates

A logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China. Credit: Reuters Photo

China's Alibaba Group Holding Ltd beat quarterly revenue estimates on Thursday as its core e-commerce business thrived due to people preferring to shop online for essentials, even as coronavirus-related restrictions eased.

Revenue rose to 153.75 billion yuan ($22.22 billion) in the quarter ended June 30 from 114.92 billion yuan, a year earlier.

Analysts had expected revenue of 147.77 billion yuan, according to IBES data from Refinitiv.