August 15, 2019 / 11:08 AM / 6 days ago

Alibaba beats quarterly revenue estimates

Aug 15 (Reuters) - China's Alibaba Group Holding Ltd reported a 42% jump in quarterly revenue that beat estimates on Thursday, aided by growth in its core e-commerce and cloud computing businesses.

Revenue rose to 114.92 billion yuan ($16.32 billion) in the first quarter ended June 30 from 80.92 billion yuan, a year earlier.

Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv.

Net income attributable to ordinary shareholders was 21.25 billion yuan. ($1 = 7.0414 Chinese yuan renminbi) (Reporting by Akanksha Rana in Bengaluru and Josh Horwitz in Shanghai; Editing by Sriraj Kalluvila)

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