Alibaba's revenue beats estimates on strong Single Day sales

Markets Reuters

(Copyright Reuters 2017)

Chinese e-commerce company Alibaba Group Holding Ltd reported a better-than-expected 54 percent rise in third-quarter revenue, helped mainly by higher sales during its Single's Day shopping event.

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Alibaba's revenue was 53.25 billion yuan ($7.67 billion) for the three months ended Dec. 31, compared with analysts' average estimate of 50.10 billion yuan, according to Thomson Reuters I/B/E/S.

Revenue from Alibaba's core e-commerce business increased 45 percent, more than the 41 percent jump in the previous quarter.

Net income attributable to the company's shareholders increased 43 percent to $2.57 billion, or $1 per share.

(Reporting by Supantha Mukherjee in Bengaluru and Catherine Cadell in Beijing; Editing by Savio D'Souza)