Alibaba beats revenue, profit estimates on gains from cloud, commerce biz

Sales from the company's core commerce business jumped 34 per cent to ¥133.32 billion

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
Bloomberg
1 min read Last Updated : Aug 20 2020 | 11:07 PM IST
Alibaba Group beat quarterly revenue and profit estimates on Thursday as its commerce and cloud computing businesses benefited from a shift to online shopping and working from home due to the coronavirus crisis. The company's US-listed shares were up marginally before the bell. The stock has gained about 23 per cent this year. Sales from the company's core commerce business jumped 34 per cent to ¥133.32 billion in the three months ended June. Alibaba said its domestic core commerce business has fully recovered to pre-Covid-19 levels, while cloud computing revenue surged 59 per cent to ¥12.35 billion. 

Topics :Alibaba Group

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