China's Alibaba beats quarterly revenue estimatesThe company reported revenue of 221.87 billion yuan ($30.66 billion)in the three months ended March 31, compared with a consensus estimate of 219.66 billion yuan, according to LSEG data.
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A man walks past Alibaba Group's logo at its office building in Beijing, China.
Credit: Reuters Photo
China's Alibaba Group Holding on Tuesday beat analysts' estimates for fourth-quarter revenue, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period.
The company reported revenue of 221.87 billion yuan ($30.66 billion)in the three months ended March 31, compared with a consensus estimate of 219.66 billion yuan, according to LSEG data. ($1 = 7.2355 Chinese yuan renminbi)