November 1, 2019 / 11:18 AM / a month ago

Alibaba beats quarterly revenue estimates

Nov 1 (Reuters) - China's Alibaba Group Holding Ltd reported better-than-expected second-quarter revenue on Friday, powered by strong growth in its core e-commerce business.

Revenue rose to 119.02 billion yuan ($16.91 billion) for the second quarter ended Sept. 30 from 85.15 billion yuan a year earlier. Analysts were expecting revenue of 116.8 billion yuan, according to IBES data from Refinitiv.

$1 = 7.0384 Chinese yuan renminbi Reporting by Akanksha Rana in Bengaluru and Josh Horwitz in Shanghai Editing by Saumyadeb Chakrabarty

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