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Alibaba beats quarterly revenue estimates

Credit: REUTERS/Lai Seng Sin

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.

Aug 15 (Reuters) - China's Alibaba Group Holding Ltd BABA.N 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)

((akanksha.rana@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 1130;))

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