Alibaba Surpasses Estimates with Q3 Revenue Surge
[City, Date] - Alibaba Group Holding topped Wall Street expectations for its third-quarter revenue, buoyed by robust end-of-year shopping and its strategy to cater to budget-minded consumers.
Pre-market trading witnessed a 4.7% rise in the company's US-listed shares following the earnings announcement.
To stimulate domestic e-commerce sales, Chinese retailers like Alibaba have reduced prices and ramped up promotions. International market demand and elevated consumer spending during the year-end period contributed to the company's sales growth and enhanced financial performance.
Data provider Syntun reported a 26.6% spike in sales across major e-commerce platforms during last year's extended Singles' Day event, widely considered an indicator of consumer sentiment.
Alibaba's revenue for the quarter ending December 31 amounted to 280.15 billion yuan ($38.58 billion), exceeding the 279.34 billion yuan projected by 17 analysts surveyed by LSEG.