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Alibaba beats quarterly revenue estimates

Feb 2 (Reuters) - China’s Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, as its e-commerce business benefited from a switch to online shopping triggered by the COVID-19 pandemic.

Revenue rose 37% to 221.08 billion yuan ($34.24 billion) in the three months ended Dec. 31, above estimates of 214.38 billion yuan, according IBES data from Refinitiv. ($1 = 6.4566 Chinese yuan renminbi) (Reporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila)

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