Alibaba Group beats revenue estimates as demand for cloud, e-commerce rises
Alibaba Group Holding Ltd beat quarterly revenue and profit as the COVID-19 pandemic fueled the demand for its core commerce and cloud computing businesses. Revenue from the e-commerce business alone jumped 34% to $19.27B whereas cloud computing revenue grew 59% YoY in the quarter ending June. Overall revenue was 153.75B yuan versus a forecast 147.77B yuan. The Chinese company’s stock also stored 23% as global investors poured money into its tech businesses.