Alibaba beats quarterly revenue estimates

(Reuters) – 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.

($1 = 6.9189 Chinese yuan renminbi)

(Reporting by Nilanjana Basu and Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila)